DeFi
Solv Protocol Joins the $1 Billion TVL Club and Becomes a Top 32 DeFi Player
Quick take:
- The Solv protocol is now the 32nd largest decentralized finance (DeFi) protocol according to the DeFiLlama rankings.
- The protocol uses SolvBTC to tokenize CeFi and DeFi yields for Bitcoin holders.
- Solv also launched SolvBTC on Arbitrum, BNB Chain and Merlin Chain.
Solv Protocol, a unified yield and liquidity layer for major digital assets, has crossed the $1 billion TVL (total value locked) mark, becoming the 32nd largest decentralized finance (DeFi) protocol according to DeFiLlama rankings .
As of this writing, Solv has a TVL of $1.11 billion spread across multiple channels. The protocol leverages multi-chain integration to provide holders of different assets with a source of “high-quality” returns.
Solv’s liquid yield token, SolvBTC, tokenizes centralized finance (CeFi) and DeFi for Bitcoin holders, while its multi-chain integration allows SolvBTC to increase liquidity in emerging BTCFi ecosystems on blockchain networks. layer 1 and layer 2.
“Achieving this milestone is a testament to the strong demand for the Solv suite of products and the growing adoption of our flagship SolvBTC offering,” said Ryan, Founder of Solv Protocol. “As the largest protocol in the BTCFi space by TVL, we are excited to continue to drive innovation and unlock new opportunities for Bitcoin holders and DeFi participants.”
Solv also launched SolvBTC on Arbitrum, BNB Chain and Merlin Chain as it continues to build an ecosystem where users can link SolvBTC to farming points in new blockchain reward programs such as a 1.5x multiplier in the zkLinkNova aggregation parade.
According to DeFiLlama data, the Merlin channel represents the highest TVL in the Solv protocol, with its $785 million accounting for over 70%.
Solv Protocol also introduced the Solv Point system, where users can exchange points for airdrops of SOLV tokens to encourage engagement.
The protocol has the backing of some of Web3’s leading corporations and venture capital firms, including Binance Labs, Blockchain Capital, and Laser Digital, among others.
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