Leading DeFi Lending Platform Announces Integration of SolvBTC to Core Pools, Expanding Bitcoin-Powered Finance Capabilities-web3.0-php.cn

Leading DeFi Lending Platform Announces Integration of SolvBTC to Core Pools, Expanding Bitcoin-Powered Finance Capabilities

Barbara Streisand

Oct 26, 2024 am 07:30 AM

BTCFi Ecosystem Solv ProtocolVenus

Venus Protocol, the leading DeFi lending protocol on BNB Chain and ZKsync, today announced the addition of SolvBTC to its core pools

Leading DeFi Lending Platform Announces Integration of SolvBTC to Core Pools, Expanding Bitcoin-Powered Finance Capabilities

DeFi lending platform Venus Protocol has announced the integration of SolvBTC into its core pools, expanding its Bitcoin-powered finance (BTCFi) capabilities.

SolvBTC is a tokenized representation of Bitcoin, backed by Solv Protocol’s Bitcoin Reserves. The integration will allow users to supply and borrow SolvBTC through Venus Protocol’s core pools on BNB Chain.

According to a press release shared with CryptoSlate, SolvBTC has already seen strong adoption, with over 18,000 BTC in reserves across multiple networks. Since launching on BNB Chain in April 2024, SolvBTC has attracted over 10,000 BTC in minting volume, making it a significant asset within the BNB Chain ecosystem.

Venus Labs head of Venus Labs said, “The integration of SolvBTC into Venus represents a strategic milestone in our mission to provide users with enhanced yield opportunities and innovative DeFi solutions.”

The press release highlighted several benefits of the integration, including the alignment of Solv Protocol’s security measures with Venus Protocol’s security-first approach, having undergone multiple security audits by top firms like Quantstamp and Certik.

Solv CEO and co-founder Ryan Chow added, “This integration represents a natural evolution in the BTCFi space. By combining Venus Protocol’s market-leading lending capabilities with SolvBTC’s liquidity infrastructure, we’re creating new opportunities for users to participate in the growing BTCFi ecosystem.”

The integration is now live and can be accessed on the Venus website.

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