Leading DeFi Lending Platform Announces Integration of SolvBTC to Core Pools, Expanding Bitcoin-Powered Finance Capabilities
Venus Protocol, the leading DeFi lending protocol on BNB Chain and ZKsync, today announced the addition of SolvBTC to its core pools, marking a significant expansion of its Bitcoin-powered finance (BTCFi) capabilities.
SolvBTC, a token representation of Bitcoin backed by Solv Protocol’s Bitcoin Reserves, has already demonstrated impressive traction with over 18,000 BTC in reserves across multiple networks. Since its launch on BNB Chain in April 2024, SolvBTC has attracted over 10,000 BTC in minting volume, establishing itself as a key player in the BNB Chain ecosystem.
“The integration of SolvBTC into Venus represents a strategic milestone in our mission to provide users with enhanced yield opportunities and innovative DeFi solutions,” said Brad Harrison, Head of Venus Labs. “The Venus community’s decision to include SolvBTC as a collateral asset represents a historic milestone for Bitcoin, Venus and the entire sector of BTCFi, which is one of the most highly anticipated narratives in decentralized finance since its dawn.”
Key benefits of the integration include
- Enhanced liquidity through SolvBTC’s robust ecosystem
- Increased yield opportunities for users through Venus’s lending and borrowing features
- Access to Solv Points incentives, offering 10 XP/$1 per day for lending SolvBTC
- New DeFi strategies enabling users to maximize returns on their Bitcoin holdings
Solv Protocol, backed by industry leaders including Binance Labs and Blockchain Capital, has undergone extensive security audits by top firms such as Quantstamp and Certik, ensuring alignment with Venus Protocol’s security-first approach.
“This integration represents a natural evolution in the BTCFi space,” said Ryan Chow, CEO & Co-founder of Solv. “By combining Venus Protocol’s market-leading lending capabilities with SolvBTC’s liquidity infrastructure, we’re creating new opportunities for users to participate in the growing BTCFi ecosystem.”
The integration is now live, allowing users to supply and borrow SolvBTC through Venus Protocol’s core pools on BNB Chain.
To try it out, go to website.
About Venus Protocol
Venus is a top lending protocol in the multichain DeFi space, currently deployed on Ethereum, BNB chain, ZKsync, opBNB and Arbitrum. All decisions regarding Venus Protocol are made by Venus DAO, a fully-decentralized community governed by the $XVS native token. With the $XVS token, users also have access to Real Yield using Venus Prime, which ensures sustainable liquidity. As the most audited DeFi protocol in the industry, Venus provides users with secure, efficient lending and borrowing services through its decentralized, community-governed platform. To read more about Venus, go to website.
About Solv Protocol
Solv Protocol is the leading Bitcoin staking platform, powered by its innovative Staking Abstraction Layer (SAL). Through SolvBTC, a Bitcoin Reserve for everyone, we unlock the full potential of over $1 trillion in Bitcoin assets. With SolvBTC.LSTs (Liquid Staking Tokens), Bitcoin holders gain access to diverse yield opportunities without sacrificing liquidity, allowing them to seamlessly participate in DeFi ecosystems. Solv acts as a comprehensive gateway to BTCFi, paving the way for institutional and traditional funds to confidently enter the crypto space.
Solv Protocol is backed by prominent investors such as Binance Labs, Blockchain Capital, Laser Digital, and others. Solv Protocol has undergone extensive security audits by leading firms, including Quantstamp, Certik, SlowMist, Salus, and Secbit.
The post Venus Partners with Solv Protocol to Enhance BTCFi Ecosystem appeared first on BeInCrypto.
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