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Solv Protocol: SolvBTC uses BTC and BTCB as initial reserve assets, and will expand to WBTC, BTC.b, M-BTC, FBTC, etc. in the future

Solv Protocol: SolvBTC uses BTC and BTCB as initial reserve assets, and will expand to WBTC, BTC.b, M-BTC, FBTC, etc. in the future

CointimeCointime2024/08/13 07:30
By:Cointime

Solv Protocol has introduced SolvBTC, which aims to create a "bitcoin reserve for everyone." SolvBTC will use native BTC and BTCB on the Binance Smart Chain as initial reserve assets.The main features of SolvBTC include 100% backing and complete transparency, diversified reserve assets, and seamless integration with liquidity markets. Each SolvBTC is backed by 1:1 BTC assets, and users can verify the reserves at any time through LCN.In the future, SolvBTC's bitcoin reserves will include native BTC, widely recognized wrapped bitcoins (such as BTCB and tBTC), and bitcoin ETFs.By staking SolvBTC, users can participate in the bitcoin liquidity staking token (LST) project, such as SolvBTC.BBN in partnership with Babylon Labs and SolvBTC.ENA in partnership with Ethena Labs, to earn additional income.Solv Protocol plans to expand reserve assets to include WBTC, BTC.b, M-BTC, FBTC, and decentralized options such as tBTC and dlcBTC in the future, but these will require consensus and SOLV governance approval.

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