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Solv Protocol Classifies Assets for SolvBTC Reserve

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by Giorgi Kostiuk

a year ago

Solv Protocol has announced a new asset classification for its SolvBTC reserve to ensure user security and yield-generation opportunities while maintaining liquidity.

Classification of SolvBTC Reserves

The SolvBTC reserve is categorized into two groups: Core Reserve and Innovative Reserve. Core reserves consist of native BTC and BTCB (Binance-backed), while innovative reserves include wrapped assets like WBTC, cbBTC, FBTC, BTC.b, and tBTC.

Multichain Expansion

Solv is one of the largest Liquid Staking Token issuers to go multichain, with over 25,000 BTC in reserves (over $2 billion) across more than ten blockchain networks, including Ethereum, BNB Chain, and Arbitrum.

SOLV Token Utility and Venus Protocol Integration

SolvBTC was accepted into the core pool of Venus Protocol, allowing users to collateralize SolvBTC to borrow assets, thus facilitating broader DeFi strategies.

These innovations show Solv Protocol's commitment to enhancing BTC utility in DeFi and strengthening user protection through standardization and innovative solutions.

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