MonkeDAO, a leading NFT community on the Solana platform, has made history by becoming the first decentralized autonomous organization to adopt a Bitcoin reserve.
First DAO with Bitcoin Reserve
On March 28, MonkeDAO purchased 1 zBTC, a new token by APOLLO, 1:1 equivalent to Bitcoin and native to Solana. Unlike wrapped or bridged BTC, zBTC is an ERC-20 token enabling Bitcoin holders to engage in DeFi on the Solana network.
Significance of zBTC Adoption
Users can lend, borrow, and earn yield on-chain without intermediaries. MonkeDAO has incorporated zBTC into the Strategic Monke Reserve (SMR), a treasury reserve plan focusing on the sustainability of project funds. The addition of zBTC diversifies and strengthens our current pool of native assets.
Technology Behind zBTC
According to APOLLO, zBTC is secured by a trustless two-way peg, simple payment verification sidechain, and decentralized validators on Zeus Network. Bitcoin was first transacted on Solana in December 2024 and has since successfully validated the first transaction.
MonkeDAO's step towards a permissionless bitcoin on Solana could revolutionize the DeFi space, built from the ground up for the Solana ecosystem.
