Backed by Binance Labs, Solv Protocol is set to introduce Bitcoin staking on Base through the newly launched Coinbase wrapped Bitcoin token, cbBTC.
On September 12, Coinbase announced that its cbBTC token is now operational on both Ethereum (ETH) and the layer 2 platform Base. In a press release shared with crypto.news, Solv Protocol highlighted the launch of Bitcoin (BTC) staking on Base.
The introduction of the cbBTC token, which is backed 1:1 by BTC held on Coinbase, presents an additional opportunity for users on Base to utilize their Bitcoin within the decentralized finance (DeFi) landscape.
In related news, eToro has decided to halt all crypto trading except for BTC, BCH, and ETH.
According to Solv Protocol, holders of cbBTC can access various DeFi opportunities by minting SolvBTC. This move allows users to expand their market participation by converting SolvBTC into SolvBTC.BBN, a liquid staking token that provides access to additional Bitcoin staking yields.
With the launch of cbBTC, Coinbase enables its BTC holders to transform their assets into the new wrapped token, similar to the practice of BTC holders with wrapped Bitcoin (WBTC).
To convert BTC to cbBTC, users will need to transfer Bitcoin from their accounts to either Base or Ethereum addresses. Once converted, cbBTC can be utilized across DeFi platforms such as MakerDAO (MKR), Aave (AAVE), and Compound (COMP).
Solv Protocol further enhances this burgeoning market with its liquid staking token, SolvBTC. Other platforms catering to the Bitcoin community with liquid staking or restaking options include Lombard Finance, Swell, and AcreBTC.
For more insights, check out: Solv Protocol attracts over 12k BTC investment, integrates Babylon partnership.