MonkeDAO has become the first DAO to add Bitcoin to its reserve by acquiring Solana-based zBTC, strengthening their financial strategy.
What is zBTC?
zBTC is a Bitcoin-backed token on the Solana platform in a 1:1 ratio. It operates in a decentralized and secured environment, unlike wBTC which relies on centralized custodians. Issued by the APOLLO project, zBTC is secured by Zeus Network through a decentralized validator system. SPV sidechains verify its Bitcoin peg, allowing users to utilize their assets in Solana's DeFi.
Why MonkeDAO Chose zBTC
MonkeDAO is more than just an NFT project; it is a decentralized organization making collective financial decisions. With the acquisition, zBTC will be part of their treasury aligning with their belief in Bitcoin's long-term value. This move aims to enhance financial stability and future growth.
Bitcoin DeFi (BTCFi) is Growing on Solana
MonkeDAO’s move signifies a broader trend in the crypto industry: Bitcoin DeFi (BTCFi) is gaining momentum. While Ethereum has dominated DeFi, Solana emerges as a strong competitor due to its speed and low transaction costs. Integrating Bitcoin into Solana's ecosystem shows its potential use in financial applications beyond storage.
MonkeDAO's adoption of zBTC could inspire other DAOs and projects to expand Bitcoin's role in decentralized finance.
