Solv Protocol Raises $25M in Total Funding, Driving Mass Adoption of Bitcoin Staking with SAL
We are excited to announce that Solv Protocol has successfully raised $11 million in a strategic funding round, bringing our total funding to $25 million. This new capital, at a $200 million valuation, marks a pivotal step in advancing our mission of revolutionizing Bitcoin staking through the Staking Abstraction Layer (SAL).
Key Investors Fueling Solv’s Vision
The strategic round saw participation from a range of several leading firms, including Laser Digital (a subsidiary of Nomura), Blockchain Capital, gumi Cryptos Capital, OKX Ventures, and CMT Digital, alongside angel investors from top blockchain projects like Berachain, Movement Labs, Ethena, EigenLayer, Mezo, Core, GMX, and Curve. Our existing backers, such as Binance Labs and Spartan Group, have played a crucial role in helping us grow into what we are today.
A Leader in Bitcoin-Finance (BTCFi)
Best known for our flagship product SolvBTC, a “Bitcoin Reserve for Everyone”, we are proud to have staked more than 20,000 BTC since launch, which equates to approximately $1.3 billion in Total Value Locked (TVL). With over 400,000 users and more than 80% of assets allocated to yield-generating strategies, SolvBTC is now deployed across 10 major blockchain networks.
SolvBTC has transformed the way Bitcoin holders interact with liquidity and yields, opening up new possibilities for Bitcoin-based finance (BTCFi).
The Staking Abstraction Layer: Paving the Way for Mass Adoption of Bitcoin Staking
The launch of our Staking Abstraction Layer (SAL) marks a new era for Bitcoin staking. Developed in collaboration with BNB Chain, Ceffu, and Chainlink, SAL simplifies Bitcoin staking across multiple blockchains. By addressing the lack of transparency and programmability on Bitcoin’s mainnet, SAL enables Bitcoin holders to seamlessly stake across different protocols and ecosystems, unifying staking opportunities and yield sources.
This framework is designed to lower barriers to entry for Bitcoin holders, paving the way for mass adoption of Bitcoin staking.
Expanding Yield Opportunities with Liquid Staking Tokens (LSTs)
As part of our BTCFi growth, we’ve introduced three Liquid Staking Tokens (LSTs) that bring distinct yield opportunities:
- Babylon LST (SolvBTC.BBN): Offering restaking yields.
- CoreDAO LST (SolvBTC.CORE): Tied to the Core network’s staking mechanisms.
- Ethena LST (SolvBTC.ENA): Leveraging Ethena’s basis trading strategy for yield generation.
Each LST offers unique value, and with the SAL framework, users can now seamlessly interact with these assets across chains.
A New Era for Bitcoin Staking
“With a market cap of over $1.2 trillion, Bitcoin holds immense growth potential,” said Ryan Chow, Co-founder and CEO of Solv Protocol. “Bitcoin’s staking rate is currently much lower than Ethereum’s 28%. If we can unlock similar levels of participation, Bitcoin staking could unlock $330 billion in value. We believe BTCFi will drive the next wave of innovation in the blockchain space.”
What’s Next?
In the coming weeks, we will roll out additional products facilitated by the SAL framework, further expanding yield opportunities for Bitcoin holders. The next chapter of Bitcoin staking is here, and we are excited to continue building the future of BTCFi.
