Binance-backed Bitcoin staking platform Solv Protocol has introduced the SolvBTC.BERA vault in order to tap into the yield-generation market on Berachain.
On January 13, Solv Protocol announced the launch of SolvBTC.BERA, a deposit vault that integrates Bitcoin holders into the decentralized finance ecosystem of Berachain. The protocol aims to provide new opportunities for Bitcoin holders to generate yield on Berachain, which is an Ethereum Virtual Machine-compatible blockchain that utilizes a proof-of-liquidity consensus mechanism.
Users will have the ability to earn yield on their assets by depositing Bitcoin or Bitcoin-equivalent assets, such as SolvBTC, SolvBTC.BBN, wrapped Bitcoin, or Coinbase wrapped Bitcoin, into the SolvBTC.BERA vault. This launch opens up multiple layered yield-generation strategies within the Berachain ecosystem.
To attract early users, Solv Protocol has initiated the Boyco pre-deposit campaign, which is an incentive program that will reward early participants upon the launch.
Users will see their assets deployed across seven different yield layers, including Solv Season 2, Babylon, Berachain rewards, Kodiak, Dolomite, and Goldilocks. Kodiak serves as a liquidity hub on Berachain, while Dolomite functions as a decentralized money market fund and DEX platform.
It is important to note that funds deposited in SolvBTC.BERA will be subject to a 90-day lockup period starting from the launch of the Berachain mainnet.
Berachain’s ecosystem utilizes a tri-token model, with BERA acting as the native gas token and HONEY serving as the native stablecoin. The issuance fees of the stablecoin are allocated to BGT holders, with BGT being Berachain’s primary reward and governance token. Both BERA and HONEY tokens are tradable, but BGT is a non-liquid and non-transferable token.