Bitcoin Staking Partnership between Solv Protocol and Soneium

Bitcoin staking platform Solv Protocol has announced a strategic partnership with Soneium, the Ethereum layer 2 blockchain backed by Japan’s Sony Group, to expand BTC staking within the network.

This partnership was announced on Mar. 6 via Solv Protocol’s official Medium page and aims to bridge the decentralized finance ecosystems of Bitcoin (BTC) and Ethereum (ETH).

Through this integration, holders of SolvBTC can stake their assets, earn rewards, and access cross-chain liquidity within the Soneium ecosystem. SolvBTC is a token that is 1:1 backed by Bitcoin, earned when users deposit Bitcoin into Solv Protocol.

Moreover, SolvBTC Liquid Staking Tokens (SolvBTC.LSTs) will enable advanced yield strategies, enhancing scalability and flexibility for Bitcoin users. A crucial component of this initiative is Solv’s Staking Abstraction Layer (SAL), which simplifies staking across multiple blockchains.

SAL allows Bitcoin owners to engage with DeFi more effortlessly, broadening the cryptocurrency’s potential beyond simple holding or trading.

Soneium Network Overview

Soneium, developed by Sony Block Solutions Labs in collaboration with web3 infrastructure firm Startale, has rapidly gained traction in the DeFi space. Launched in Aug. 2024, the network’s high-performance infrastructure supports creative and innovative decentralized applications. According to DefiLlama data, Soneium has achieved a total value locked of $45 million across 19 dApps as of Mar. 6.

The Soneium network has processed over 47 million transactions and boasts 4 million active addresses. It features some of the fastest-growing DeFi applications, including decentralized exchanges like Kyo Finance, Velodrome, and Sonex.

As more investors seek passive income from Bitcoin, this partnership coincides with the growing popularity of Bitcoin staking. Although specific details about future collaborations remain unclear, both teams have indicated that further developments are forthcoming to enhance Bitcoin’s utility in DeFi.

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