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  • binance-staked-solBinance Staked SOL (BNSOL) $ 215.09
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  • mantle-staked-etherMantle Staked Ether (METH) $ 4,369.68
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DeFi

Solv Protocol partners with Soneium to expand BTC staking

By admin
0 69

Solv Protocol partners with Soneium to expand BTC staking

Bitcoin staking platform Solv Protocol has entered a strategic partnership with Soneium, the Ethereum layer 2 blockchain backed by Japan’s Sony Group, expanding BTC staking to the network.

Announced on Mar. 6 on Solv Protocol’s official Medium page, this partnership aims to bridge Bitcoin (BTC) and Ethereum’s (ETH) expanding decentralized finance ecosystems.

Through this integration, SolvBTC holders can stake their assets, earn rewards, and access cross-chain liquidity within the Soneium ecosystem. SolvBTC is a token that is 1:1 backed by Bitcoin, earned when users deposit Bitcoin into Solv Protocol.

Furthermore, SolvBTC Liquid Staking Tokens, SolvBTC.LSTs, will make advanced yield strategies possible, improving Bitcoin users’ scalability and flexibility. A key part of the initiative is Solv’s Staking Abstraction Layer, which makes it easier to stake on several blockchains.

SAL enables Bitcoin owners to participate in DeFi more easily, extending the cryptocurrency’s capabilities beyond simple holding or trading.

You might also like: Sony’s layer-2 network Soneium triggers outcry over censorship features

Soneium, developed by Sony Block Solutions Labs in partnership with web3 infrastructure firm Startale, has quickly gained traction in DeFi. Launched in Aug. 2024, the network’s high-performance infrastructure is designed to support creative and innovative decentralized applications. According to DefiLlama data, its total value locked has reached $45 million across 19 dApps as of Mar. 6.

The network has already processed over 47 million transactions and amassed 4 million active addresses. Some of the fastest-growing DeFi applications, including decentralized exchanges like Kyo Finance, Velodrome, and Sonex, are found in Soneium’s ecosystem.

As more investors look for ways to earn passive income from Bitcoin, this partnership comes at a time when Bitcoin staking is becoming more popular. While details about future collaborations are unclear, both teams have suggested that more developments are on the way to expand Bitcoin’s use in DeFi.

Read more: Ethereum devs find hotfix for Petra upgrade bug on sepolia

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