Today, Solve, the largest Bitcoin staking protocol with $2B+ TVL, announced it has deepened its integration of Chainlink Proof of Reserve (PoR), the standard for verifiable data, to enhance the transparency of its total protocol TVL.
Last November, Solv adopted the Chainlink standard by integrating PoR as well as Cross-Chain Interoperability Protocol (CCIP) and Price Feeds across Arbitrum, BNB Chain, and Ethereum to enhance its Staking Abstraction Layer (SAL). The initial integration of PoR’s Secure Mint capability helped Solv protect against malicious minting attacks and provide real-time reserve verification for SolvBTC, backed 1:1 by Bitcoin kept in Solv’s Decentralized Bitcoin Reserve.
Solv’s expanded PoR integration on BNB Chain now provides onchain transparency for its total protocol TVL, increasing user confidence in SolvBTC alongside liquid staking tokens (LSTs) such as SolvBTC.BBN and SolvBTC.ENA.
PoR leverages Chainlink’s highly resilient oracle infrastructure, which has enabled over $19 trillion in transaction value, to provide real-time updates for reserves backing digital assets with superior transparency and reliability compared to annual statutory audits, interim audits, and monthly proof of reserves. As such, PoR establishes a new standard for digital assets, decentralized exchanges, and crypto ETFs.
Through SolvBTC and SolvBTC.LSTs, Solv aims to unlock the full potential of over $1 trillion in Bitcoin assets by driving the adoption of DeFi on BTC (BTCFi). In an official announcement, Solv’s founder, Ryan Chow, emphasized the significant role PoR plays in achieving this goal.
“We’re excited to expand our integration with the Chainlink standard for verifiable data to enhance transparency around our protocol TVL,” he said. “Chainlink has been instrumental in the growth of BTCFi, so deepening our integration with it was an obvious choice.”
To learn more about Solv, visit their website, X, Telegram, and Discord.