Venus Protocol, a prominent DeFi lending protocol operating on BNB Chain and ZKsync, has announced the integration of SolvBTC into its core pools. This strategic move marks a significant expansion of Bitcoin-powered finance (BTCFi) capabilities within the Venus ecosystem.
SolvBTC serves as a token representation of Bitcoin, supported by Solv Protocol’s robust Bitcoin reserves, which currently exceed 18,000 BTC across various networks. Since its launch on BNB Chain in April 2024, SolvBTC has quickly garnered traction, with over 10,000 BTC in minting volume, positioning it as a crucial player in the BNB Chain landscape.
Brad Harrison, Head of Venus Labs, highlighted the importance of this integration: “The inclusion of SolvBTC as a collateral asset signifies a historic milestone for Bitcoin, Venus, and the broader BTCFi sector. Our goal is to enhance yield opportunities and provide innovative DeFi solutions for our users.”
Solv Protocol, backed by notable industry leaders such as Binance Labs and Blockchain Capital, has undergone rigorous security audits by top firms like Quantstamp and Certik. This alignment with Venus Protocol’s commitment to security reinforces user confidence.
Ryan Chow, CEO & Co-founder of Solv, remarked, “This integration marks a natural evolution in the BTCFi space. By fusing Venus Protocol’s premier lending capabilities with SolvBTC’s liquidity, we’re creating fresh opportunities for users to engage in the expanding BTCFi ecosystem.”
The integration is now live, allowing users to supply and borrow SolvBTC directly through Venus Protocol’s core pools on the BNB Chain.
Venus is a leading lending protocol in the multichain DeFi arena, currently available on Ethereum, BNB Chain, ZKsync, opBNB, and Arbitrum. All governance decisions are made by Venus DAO, a fully decentralized community governed by the $XVS native token. Through $XVS, users can access Real Yield using Venus Prime, which promotes sustainable liquidity. As one of the most audited DeFi protocols in the industry, Venus offers secure and efficient lending and borrowing services through its community-driven platform.
Solv Protocol is recognized as a leading Bitcoin staking platform, utilizing its innovative Staking Abstraction Layer (SAL). SolvBTC unlocks the full potential of over $1 trillion in Bitcoin assets, enabling Bitcoin holders to engage in diverse yield opportunities without sacrificing liquidity. Solv acts as a gateway to BTCFi, facilitating institutional and traditional funds to confidently enter the crypto space.
Backed by prominent investors, including Binance Labs and Blockchain Capital, Solv Protocol has also undergone extensive security audits by top firms such as Quantstamp, Certik, SlowMist, Salus, and Secbit.
October 2024, Cryptoniteuae