Bitcoin staking is gaining greattraction, with Solv Protocol emerging as the frontrunner. According to recent data from DefiLlama, Solv has amassed an impressive $470 million in Total Value Locked (TVL) on the Bitcoin mainnet.
Solv Protocol has dethroned the well-established Lightning Network, which stands at $310 million.
According to DefiLlama, Bitcoin staking protocol Solv has surpassed $470 million in TVL on Bitcoin mainnet, ranking first and exceeding the second-place Lightning Network, which has a TVL of $310 million. Recently, Solv Protocol officially released an industry-leading staking…
— Wu Blockchain (@WuBlockchain) October 10, 2024
Solv Protocol unveils SAL technology
This surge in Bitcoin staking activity comes on the heels of Solv Protocol’s release of their Staking Abstraction Layer (SAL) technology.
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The SAL framework aims to simplify and standardize Bitcoin staking across various blockchain networks. This could potentially open the floodgates for mass adoption of Bitcoin in the decentralized finance (DeFi) ecosystem.
The introduction of SAL addresses several key challenges that have historically limited Bitcoin’s integration into the broader DeFi landscape. SAL simplifies the process of staking Bitcoin across different blockchain networks.
The framework allows BTC holders to access yield while maintaining liquidity. SAL enhances Bitcoin’s utility in various DeFi applications.
Solv’s partnership with industry giants like BNB Chain, Ceffu Global, and Chainlink has been instrumental in developing and implementing this innovative solution. The results speak for themselves – since April 2024, over 20,000 BTC has been staked via Solv, with a staggering 13,000 BTC originating from the BNB Chain alone.
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The TVL milestone comes at a time when Bitcoin is hovering around the $61,000 level as per CoinMarketCap data.