After an extensive security review, Solv, the largest Bitcoin staking protocol, announced it is deprecating its LayerZero bridges and migrating to Chainlink’s Cross-Chain Interoperability Protocol (CCIP), the industry’s most secure cross-chain solution.
More than $700 million worth of SolvBTC, an onchain Bitcoin reserve asset, and xSolvBTC, a yield-bearing Bitcoin token powered by the Babylon ecosystem, is now officially interoperable across all supported chains via CCIP.
Solv is only the most recent protocol to migrate from LayerZero to Chainlink CCIP. This week, liquid restaking protocol Kelp announced it’s upgrading to CCIP to secure rsETH (Kelp DAO Restaked ETH) after a LayerZero exploit resulted in nearly $300 million in losses across DeFi. PayFi network Huma Finance also adopted CCIP as the exclusive bridging solution for its core yield product, PST, and all future yield products.
“Solv’s migration to CCIP reflects a broader shift across the DeFi industry of leading protocols adopting Chainlink to deliver the highest level of security required to bring the next billion users onchain,” said Chainlink Labs’ Chief Business Officer, Johann Eid, in an official announcement.
Chainlink’s highly resilient oracle platform has facilitated over $30 trillion in transaction value and has been officially recognized by the White House as critical infrastructure for the onchain economy. CCIP maintains the highest level of cross-chain security, backed by a separate Risk Management Network, and is the only interoperability solution that meets three key institutional security standards: SOC 2 Type 1, SOC 2 Type 2, and ISO/IEC 27001:2022.
By adopting CCIP to bridge SolvBTC and xSolvBTC into the multi-chain economy, Solv ensures every cross-chain bridge lane is secured by at least 16 high-quality, security-reviewed, independent node operators.
“Security is the foundation of everything we build at Solv, and our migration to Chainlink CCIP reinforces that commitment at the highest level,” said Solv CTO Will Wang.
“By fully securing SolvBTC and xSolvBTC cross-chain transfers with CCIP, we are providing users the highest assurance that proven, defense-in-depth infrastructure secures all cross-chain transfers. This strategic migration positions Solv to scale with the reliability and institutional-grade security assurance the market demands.”
To learn more about Solv Protocol, visit their website, X, Telegram, and Discord.