Announcing the Distribution of Our ARB STIP-Bridge
We are excited to announce the distribution of our ARB STIP-Bridge, a continuation of our commitment to fostering the growth and development of BTCFi on Arbitrum.
Background
In October 2023, Solv participated in Round 1 of the Arbitrum Short-term Incentive Programme (STIP), achieving quorum with over 108 million “For” votes. This success enabled us to receive 150,000 $ARB as part of the Proposal to Backfund Successful STIP Proposals in November 2023. Our first ARB STIP Distribution Plan, which ran from January to March 2024, saw tremendous participation and growth, leading to a significant increase in TVL and user engagement.
ARB STIP-Bridge Distribution Plan
Following the success of our first distribution, we applied for and received approval for the ARB STIP-Bridge, a proposal aimed to sustain and enhance Arbitrum’s market leadership by extending support to key protocols amidst intense competition from other Layer 2 solutions. With the new grant, we aim to continue our momentum and further support the Arbitrum ecosystem with an updated incentive program.
Distribution Breakdown
The 150,000 $ARB grant will be distributed to our users on Arbitrum as follows:
- Liquidity Providers on DEXs: 75,000 $ARB
- SolvBTC Participants on Arbitrum: 62,500 $ARB
- SolvBTC holders
- SolvBTC.ena holders
- SolvBTC deployed into DeFi applications on our “Liquidity” page
3. Participants in our Arbitrum Yield Vaults: 12,500 $ARB
Eligibility and Distribution Details
- Proportional Distribution: ARB will be allocated based on the amount and duration of holdings at the end of the period.
- Incentive Duration: The incentive program begins immediately and will run for 75 days, ending at September 9 UTC+0.
- Airdrop Completion: As per Arbitrum DAO’s requirements, the ARB airdrop will be completed by September 16th.
Empowering the Arbitrum Ecosystem
Arbitrum will forever remain Solv’s home and stepping stone into the world of DeFi. Our GMX and MUX vaults remain among the best across DeFi, allowing regular users to capture the high-quality yield sources available on Arbitrum. Over 14,000 global users are now generating flexible, robust, and institutional-grade yields on their BTC, ETH, and stablecoins through Solv.
SolvBTC: Our Flagship Product
Since our first STIP distribution, we have introduced SolvBTC on Arbitrum, which has quickly become our flagship product. SolvBTC empowers users to participate in a growing BTCFi ecosystem, providing innovative yield opportunities and enhancing the overall user experience.
Our first yield vault for SolvBTC is the SolvBTC Ethena Yield Vault, enabling Bitcoin users to put their bitcoin to work by earning Ethena’s sUSDe yields and SATs, along with additional Solv points, while maintaining bitcoin exposure. To date, more than 9,000 users have participated in SolvBTC on Arbitrum, with over 500 SolvBTC staked on Solv.
We are also excited to announce the upcoming launch of our second yield vault, SolvBTC Babylon. This new vault will expand our offering and further solidify SolvBTC’s position as a premier yield-bearing BTC product. We will rerun the LST/LRT playbook for both SolvBTC.ena and SolvBTC.babylon, ensuring our users can maximize their returns while maintaining flexibility and security.
Continued Commitment
As the leading BTCFi protocol on Arbitrum, Solv has achieved over $150 million in TVL on Arbitrum and will continue to launch more yield opportunities for Bitcoin holders on Arbitrum. We are committed to integrating more protocols to provide additional use cases for SolvBTC and its LSTs , paving the way for a thriving BTCFi ecosystem on Arbitrum.
We thank the Arbitrum Foundation for their continued endorsement and our valued users for their investments and support.
Join Us
We invite all users to participate in this exciting new phase. Whether you are a liquidity provider, a yield market participant, or a SolvBTC holder, there are ample opportunities to earn rewards and contribute to the growth of the Arbitrum ecosystem.
Stay tuned for more updates! Together, we can continue to build and strengthen the decentralized finance landscape on Arbitrum.
About Solv Protocol
Solv Protocol is a revolutionary yield aggregation and liquidity platform that tokenizes and consolidates high-quality yields from various sources. At the core of Solv’s offering is the creation of “Liquid Yield Tokens,” unlocking new earning opportunities across the blockchain ecosystem. The flagship product, SolvBTC, empowers users to seamlessly participate in the growing BTCFi space, serving as the key to unlocking Bitcoin-powered DeFi on every chain.
Solv Protocol is backed by prominent investors, including Binance Labs, Blockchain Capital, Laser Digital, and others. The protocol has undergone extensive security audits by leading firms such as Quanstamp, Certik, SlowMist, Salus, and Secbit.
For more information, visit our official website and follow us on Twitter.
