- Solv Protocol, in collaboration with BNB Chain, Ceffu, and Chainlink, has launched the Staking Abstraction Layer (SAL) to simplify Bitcoin staking throughout numerous blockchain ecosystems.
- Since 2020, over 20,000 BTC have been staked with Solv, propelling its TVL north of US$1.2B.
- Chainlink’s CCIP will safe cross-chain operations, Ceffu will care for custody, and BNB Chain will assist person onboarding.
In collaboration with BNB Chain, Ceffu, and Chainlink, Solv Protocol has launched the Staking Abstraction Layer (SAL), a framework designed to simplify Bitcoin staking throughout numerous blockchain ecosystems.
Whereas Chainlink will feed real-time information and safe cross-operations utilizing its Cross-Chain Interoperability Protocol (CCIP), Ceffu will care for custody and the BNB Chain for “on-boarding the subsequent billion of customers”, the protocol stated on X.
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New Yield Alternatives for BTC Holders
SAL presents Bitcoin holders new yield alternatives by a streamlined method to staking throughout a number of blockchain networks, unlocking Bitcoin’s potential in decentralised finance (DeFi).
A key characteristic of SAL is its assist for issuing liquid staking tokens (LSTs), which permit customers to use their staked BTC in a number of different DeFi functions, amplifying liquidity throughout totally different tasks, sustaining accessibility, and maximising yields for holders.
It goes past liquid staking nonetheless – as customers can take part in staking actions throughout numerous networks, earn validator rewards, and even interact in delta-neutral buying and selling methods. These alternatives assist remodel Bitcoin from a passive retailer of worth right into a dynamic, yield-generating asset.
Since its inception in 2020, over 20,000 BTC have been staked by Solv, with a Whole Worth Locked (TVL) of roughly US$1.2B (AU$1.78B), in accordance to information from DefiLlama.
Ryan Chow, CEO of Solv Protocol, emphasises that SAL is designed to “resolve the ache factors which have traditionally stored Bitcoin staking from taking off,” opening a brand new period of yield alternatives for BTC holders.
What excites us most about SAL is its means to combination all the important thing gamers – validators, protocols, LST issuers and yield distributors – below one standardized framework. This opens the doorways for improvements and yield alternatives that have been beforehand unimaginable.
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