In Brief
The second phase of SolvBTC Babylon LST deposits is now live across various networks, including Ethereum, BNB Chain, Arbitrum, and Merlin Chain, thanks to Solv Protocol.
Unified Bitcoin liquidity layer Solv Protocol The launch announcement has been made for the second phase of the SolvBTC Babylon liquid staking token (LST) deposits, which span multiple networks. This includes Ethereum for users holding WBTC or FBTC, BNB Chain for those utilizing BTCB, Arbitrum for WBTC holders, and Merlin Chain dedicated to M-BTC users.
To facilitate a seamless launch, an initial limit has been placed on the amount of Bitcoin that can be staked during the rollout of the mainnet. Rewards from staking within Babylon will be allocated to participants in proportion to their staked BTC. As the staking cap increases, Solv aims to secure a share of the total stakes. Ultimately, SolvBTC.BBN tokens will be completely backed by Bitcoin staked in Babylon in a one-to-one relationship, including all earned rewards.
In this new phase, Solv Protocol has updated its reward framework, permitting a revamped incentive of 12 XP for every dollar staked daily, contingent on meeting the one-to-one backing criteria.
Building on the encouraging involvement of users in Babylon’s staking mechanism through Solv Protocol, the staking cap has seen an increase from 500 SolvBTC to 1000 SolvBTC, following community feedback.
Introducing SolvBTC.BBN, a liquid staking token tailored specifically for Bitcoin by Solv Protocol.
The SolvBTC.BBN represents a recently launched LST designed for Bitcoin, utilizing Babylon This initiative aims to boost Bitcoin’s economic stability across Proof-of-Stake (PoS) blockchain networks and will be integrated with various DeFi protocols, including decentralized exchanges (DEXs), lending platforms, and yield-generating tools, enhancing the versatility and accessibility of the BTCFi ecosystem.
Meanwhile, Solv Protocol This operates as a decentralized liquidity framework designed for ERC-3525 Semi-Fungible Tokens (SFTs), bridging on-chain entities with both retail and institutional investors via a comprehensive liquidity network. Additionally, it provides options like delta-neutral strategies, opportunities for yield enhancement, and customized financial products.
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