MonkeDAO, a project on the Solana platform, has become the first decentralized autonomous organization to adopt a Bitcoin reserve, made possible through the introduction of the zBTC token by APOLLO.
Introduction of MonkeDAO's Bitcoin Reserve
MonkeDAO announced on March 28 that it had become the first DAO to incorporate a Bitcoin reserve into its strategy by acquiring the zBTC token on Solana. This move aims to sustain the community financially and support the deployment of Bitcoin assets in Solana's DeFi space.
Features of the zBTC Token
The zBTC token, introduced by APOLLO, is designed to facilitate the on-chain use of BTC. It ensures interaction with the DeFi sector on Solana without intermediaries or the need for asset engagement in wallets.
Strategic Importance and Future Prospects
In effect, MonkeDAO includes zBTC in its treasury while continuing to maintain permissionless access to the BTCFi ecosystem, creating financial sustainability. zBTC enables participation in DeFi projects through lending, borrowing, and yield farming on Solana.
Thus, the introduction of a Bitcoin reserve through zBTC demonstrates MonkeDAO's efforts to implement new approaches in asset management and strengthens the community's position based on Solana.
