Bitcoin staking is gaining greattraction, with Solv Protocol rising because the frontrunner. In keeping with latest knowledge from DefiLlama, Solv has amassed a powerful $470 million in Complete Worth Locked (TVL) on the Bitcoin mainnet.
Solv Protocol has dethroned the well-established Lightning Community, which stands at $310 million.
In keeping with DefiLlama, Bitcoin staking protocol Solv has surpassed $470 million in TVL on Bitcoin mainnet, rating first and exceeding the second-place Lightning Community, which has a TVL of $310 million. Not too long ago, Solv Protocol formally launched an industry-leading staking…
— Wu Blockchain (@WuBlockchain) October 10, 2024
Solv Protocol unveils SAL expertise
This surge in Bitcoin staking exercise comes on the heels of Solv Protocol’s launch of their Staking Abstraction Layer (SAL) expertise.
The SAL framework goals to simplify and standardize Bitcoin staking throughout numerous blockchain networks. This might probably open the floodgates for mass adoption of Bitcoin within the decentralized finance (DeFi) ecosystem.
The introduction of SAL addresses a number of key challenges which have traditionally restricted Bitcoin’s integration into the broader DeFi panorama. SAL simplifies the method of staking Bitcoin throughout totally different blockchain networks.
The framework permits BTC holders to entry yield whereas sustaining liquidity. SAL enhances Bitcoin’s utility in numerous DeFi purposes.
Solv’s partnership with {industry} giants like BNB Chain, Ceffu International, and Chainlink has been instrumental in creating and implementing this modern answer. The outcomes communicate for themselves – since April 2024, over 20,000 BTC has been staked by way of Solv, with a staggering 13,000 BTC originating from the BNB Chain alone.
The TVL milestone comes at a time when Bitcoin is hovering across the $61,000 stage as per CoinMarketCap knowledge.
