Binance Labs-backed Solv Protocol is transporting Bitcoin staking to Base via the novelly begined Coinbase wrapped Bitcoin token, cbBTC.
On Sept. 12, Coinbase discdisconsidered that its cbBTC token was now live on Ethereum (ETH) and the layer 2 chain Base. Solv Protocol allotd novels of its begin of Bitcoin (BTC) staking on Base via in a press free allotd with cypto.novels.
The platcreate says the unveiling of the cbBTC token, which is backed 1:1 by BTC hbetterings on Coinbase, gives another opportunity for users on Base to leverage their bitcoin in the decentralized finance taget.
cbBTC hbetterers to mint SolvBTC to join in DeFi
According to Solv Protocol, cbBTC hbetterers can tap into DeFi opportunities by minting SolvBTC. Notably, users can wideen their participation in the taget by altering SolvBTC into SolvBTC.BBN, a fluid staking token giveing access to further Bitcoin staking creates.
Integrating cbBTC as a reserve asset is a meaningful step towards fuseing Bitcoin fluidity and making the Bitcoin DeFi experience more accessible to users.
Ryan Chow, co-set uper of Solv Protocol.
Coinbase’s begin of cbBTC apshows its BTC hbetterers to alter assets to the novel wrapped token, much enjoy BTC hbetterers have done with wrapped Bitcoin (WBTC).
For cbBTC, the process will comprise the transfer of Bitcoin from user accounts to either Base or Ethereum insertresses. The BTC alters to cbBTC and can be used apass DeFi protocols such as MakerDAO (MKR), Aave (AAVE) and Compound (COMP).
Solv Protocol inserts to this grotriumphg taget with its fluid staking token, SolvBTC.
Other platcreates giveing fluid staking or restaking opportunities to the Bitcoin community integrate Lombard Finance, Swell, and AcreBTC.
