Chainlink’s Cross-Chain Interoperability Protocol (CCIP) is the industry standard for cross-chain digital asset and data transfer. Leading DeFi protocols and DEXs as well as traditional financial institutions are integrating CCIP to unlock new use cases and markets for crypto and tokenized assets with unique onchain utility.
Today, Solv Protocol, the largest Bitcoin staking platform, announced its CCIP integration across the Arbitrum, BNB Chain, Avalanche, and Ethereum mainnets. Solv is employing CCIP’s Simplified Token Transfer capabilities to facilitate cross-chain transfers of SolvBTC, SolvBTC.BBN, and SolvBTC.ENA.
As the industry-standard decentralized computing platform, Chainlink has enabled over $15 trillion in transaction value through a comprehensive set of oracle services including CCIP, which achieves the highest level of cross-chain security and features a separate Risk Management Network that independently monitors for suspicious activity.
SolvBTC represents Bitcoin kept in Solv’s Decentralized Bitcoin Reserve. Alongside liquid staking tokens SolvBTC.BBN (launched in partnership with Babylon) and SolvBTC.ENA (launched in partnership with Ethena), SolvBTC is designed to unlock the full potential of over $1 trillion in Bitcoin assets within the realm of Bitcoin decentralized finance (BTCFi), which introduces DeFi functions into the Bitcoin ecosystem.
“We’re excited to integrate Chainlink CCIP to enable cross-chain transfers of SolvBTC, SolvBTC.BBN, and SolvBTC.ENA,” said Solv Protocol founder Ryan Chow in an official announcement. “A secure BTCFi ecosystem needs robust and battle-tested infrastructure, which is why integrating Chainlink was an obvious choice.”
To learn more about Solv, visit their website, X, Telegram, and Discord.