Today, Solve, the largest Bitcoin staking protocol, announced it will enhance its Staking Abstraction Layer (SAL) by adopting the Chainlink platform – Cross-Chain Interoperability Protocol (CCIP), Price Feeds, and Proof of Reserve – across Arbitrum, BNB Chain, and Ethereum to increase the liquidity, utility, and transparency of SolvBTC, SolvBTC.BBN, and SolvBTC.ENA.
SolvBTC represents Bitcoin kept in Solv’s Decentralized Bitcoin Reserve. Alongside liquid staking tokens SolvBTC.BBN and SolvBTC.ENA, SolvBTC is designed to unlock the full potential of over $1 trillion in Bitcoin assets by introducing DeFi functions into the Bitcoin ecosystem (BTCFi).
As the industry-standard decentralized computing platform, Chainlink has enabled over $16 trillion in onchain transaction value. CCIP, Price Feeds, and PoR comprise Chainlink’s full stack of essential infrastructure for unlocking the full potential of cryptocurrencies and tokenized real-world assets that can scale onchain finance to billions of global users.
By providing reliable, accurate, tamper-proof price data onchain, Price Feeds will facilitate secure markets around SolvBTC, SolvBTC.BBN, and SolvBTC.ENA. Integrating PoR’s Secure Mint capability directly into its minting function will help Solv protect against malicious minting attacks and boost user confidence with real-time reserve verification of staked assets. CCIP will further drive adoption by permitting staked assets to move between chains with the highest level of cross-chain security backed by a separate Risk Management Network.
Adopting Chainlink’s widely used web3 services makes staking platforms like Solv composable with Chainlink’s vast ecosystem of lending/borrowing markets, stablecoins, DEXs, derivatives protocols, and more. CCIP allows these protocols to interact with SolvBTC, SolvBTC.BBN, and SolvBTC.ENA across the multi-chain landscape.
“We’re thrilled to adopt Chainlink’s industry-standard solutions into Solv,” said Solv CEO and co-founder, Ryan Chow, in an official announcement. “By leveraging CCIP, Price Feeds, and Proof of Reserve, we’re enhancing the liquidity, utility, and transparency of staked Bitcoin on our platform, accelerating the growth of BTCFi.”
“Chainlink CCIP, Price Feeds, and Proof of Reserve will support the adoption of Solv’s staked Bitcoin across the multi-chain ecosystem,” added Johann Eid, Chief Business Officer at Chainlink Labs. “As one of the largest staked Bitcoin protocols, leveraging the Chainlink Platform will help accelerate the growth of Solv and the wider BTCFi economy.”
To learn more about Solv, visit their website, X, Telegram, and Discord.