Binance-backed Bitcoin staking platform Solv Protocol has introduced the SolvBTC.BERA vault as it looks to unlock the yield-generation market on Berachain.
Solv Protocol announced SolvBTC.BERA on Jan. 13, noting that the deposit vault integrates Bitcoin (BTC) holders into Berachain’s decentralized finance ecosystem. The protocol aims to provide fresh yield-generation opportunities for Bitcoin holders on Berachain, an Ethereum Virtual Machine-compatible blockchain that uses a proof-of-liquidity consensus mechanism.
Read more: Solv Protocol secures $11m strategic funding to drive BTC staking
Users will be able 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. The launch opens up multi-layered yield-generation strategies within the Berachain ecosystem.
To attract early users, Solv Protocol launched the Boyco pre-deposit campaign, an incentive program that will reward early participants upon launch.
Users will see their assets deployed on seven different yield layers. It includes Solv Season 2, Babylon, Berachain rewards, Kodiak, Dolomite and Goldilocks. Kodiak is a liquidity hub on Berachain,while Dolomite is a decentralized money market fund and DEX platform.
Notably, funds deposited in SolvBTC.BERA will be subject to a 90-day lockup period starting from the Berachain mainnet launch.
Berachain’s ecosystem taps into a tri-token model, with BERA the native gas token and HONEY the native stablecoin.
The stablecoin’s issuance fees go to BGT holders – BGT is Berachain’s primary reward and governance token. BERA and HONEY tokens are both tradable. However, BGT is a non-liquid and non-transferable token.
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