Binance Labs-backed Solv Protocol is bringing Bitcoin staking to Base by way of the newly launched Coinbase wrapped Bitcoin token, cbBTC.
On Sept. 12, Coinbase revealed that its cbBTC token was now reside on Ethereum (ETH) and the layer 2 chain Base. Solv Protocol shared information of its launch of Bitcoin (BTC) staking on Base by way of in a press launch shared with cypto.information.
The platform says the disclosing of the cbBTC token, which is backed 1:1 by BTC holdings on Coinbase, gives one other alternative for customers on Base to leverage their bitcoin within the decentralized finance market.
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cbBTC holders to mint SolvBTC to take part in DeFi
In response to Solv Protocol, cbBTC holders can faucet into DeFi alternatives by minting SolvBTC. Notably, customers can broaden their participation out there by changing SolvBTC into SolvBTC.BBN, a liquid staking token providing entry to additional Bitcoin staking yields.
Integrating cbBTC as a reserve asset is a big step in the direction of unifying Bitcoin liquidity and making the Bitcoin DeFi expertise extra accessible to customers.
Ryan Chow, co-founder of Solv Protocol.
Coinbase’s launch of cbBTC permits its BTC holders to transform belongings to the brand new wrapped token, very like BTC holders have achieved with wrapped Bitcoin (WBTC).
For cbBTC, the method will contain the switch of Bitcoin from person accounts to both Base or Ethereum addresses. The BTC converts to cbBTC and can be utilized throughout DeFi protocols similar to MakerDAO (MKR), Aave (AAVE) and Compound (COMP).
Solv Protocol provides to this rising market with its liquid staking token, SolvBTC.
Different platforms providing liquid staking or restaking alternatives to the Bitcoin neighborhood embrace Lombard Finance, Swell, and AcreBTC.
Learn extra: Solv Protocol attracts over 12k BTC funding, integrates Babylon partnership
