- Solv Protocol has launched Bitcoin staking for cbBTC holders on the Base network.
- cbBTC holders using the Solv protocol can mint SolvBTC and convert it to SolvBTC.BBN to earn Bitcoin staking profits.
- cbBTC, backed 1:1 by Coinbase’s BTC holdings, was launched on Ethereum and Base for DeFi integration.
Solv Protocol, backed by Binance Labs, has unveiled its latest innovation in the cryptocurrency space: Bitcoin staking for those who hold cbBTC, a newly launched wrapped Bitcoin token on the Base network.
Solve Protocol X @base
Solv Protocol is excited to enhance the utility of cbBTC on Base! With this integration, Bitcoin holders can now easily access new opportunities in Base’s growing DeFi universe. This is a huge step forward, and adds even more possibilities to Base as Bitcoin joins… https://t.co/KnZT3lZdiB pic.twitter.com/vYJVmcKszk
— Solv Protocol (@SolvProtocol) September 12, 2024
Coinbase’s cbBTC token will allow Bitcoin holders to convert their assets into this new wrapped token, similar to what was previously possible with Wrapped Bitcoin (WBTC).
The conversion process involves transferring Bitcoin from a user account to a Base or Ethereum address, where it is converted to cbBTC. This token can be used on a variety of DeFi protocols, including MakerDAO, Aave, and Compound, as detailed in previous news reports.
Earn Bitcoin Staking Yields on Solv Protocol Using cbBTC
Solv Protocol is leveraging the newly launched Coinbase cbBTC token, which is backed 1:1 by Coinbase’s BTC holdings and is now available on both Ethereum and Base Layer 2 chains, providing Bitcoin staking via the cbBTC token on the Base network.
Solv Protocol allows cbBTC holders to mint SolvBTC, a token designed to enhance participation in decentralized finance opportunities. Users can then convert SolvBTC into SolvBTC.BBN, a liquid staking token that provides additional Bitcoin staking yield.
Solv Protocol’s latest offering joins a number of platforms that offer liquid staking or re-staking opportunities for Bitcoin, alongside others such as Lombard Finance, Swell, and AcreBTC.