Add support for the xSolvBTC market on Venus Core Pool

Venus Governance Venus - Governance Proposals
1

Summary

Add support for the xSolvBTC market on Venus Core Pool

Background

About Solv Protocol

Solv Protocol is the on-chain Bitcoin Reserve, bridging TradFi, CeFi, and DeFi to unlock the full potential of over $1 trillion in Bitcoin. Through SolvBTC and SolvBTC.LSTs (Liquid Staking Tokens), Solv enables both retail and institutional investors to generate returns on their Bitcoin, turning it from an idle asset into a yield-generating instrument that seamlessly integrates with the broader financial ecosystem, driving the next era of Bitcoin Finance.

Solv Protocol is backed by prominent investors such as Binance Labs, Blockchain Capital, Laser Digital, OKX Ventures, and others. Solv Protocol has undergone extensive security audits by leading firms, including Quantstamp, Certik, SlowMist, Salus, and Secbit.

About xSolvBTC

xSolvBTC is a yield-bearing Bitcoin token representing staked Bitcoin in the Babylon ecosystem, recently rebranded from SolvBTC.BBN; Pegged 1:1 with Bitcoin, it enables users to earn staking rewards from Babylon while unlocking liquidity and additional yields in the DeFi ecosystem.

Since launching in July 2024, more than 10,000 xSolvBTC have been minted. Now xSolvBTC is redeemable for SolvBTC at a 1:1 ratio(0.2% redemption fee will be charged for now). Somehow we expect to see xSolvBTC minting & redemption automated at the smart contract level in the next few weeks, which means SolvBTC and xSolvBTC can be converted to each other in one block without any fees except the gas cost.

Also our strong collaborations with major BNB Chain players, such as ListaDAO, PancakeSwap, Aster, Thena, Tranchess, and Binance Oracle, have positioned Solv as one of the top protocols in the BNB Chain ecosystem, contributing significantly to our partners.

Benefits

Integrating xSolvBTC as collateral on Venus Core Pool will offer several benefits:

  1. Enhanced Liquidity:
    xSolvBTC will significantly enhance liquidity and trading volumes on Venus, fueled by the diverse yield opportunities within the xSolvBTC ecosystem — including Solv RP, DeFi yield strategies, and points farming across leading Layer 2 networks.
  2. Increased Yield Opportunities:
    With Venus supporting xSolvBTC as collateral in the Core Pool, users can unlock greater capital efficiency by leveraging their xSolvBTC holdings. This integration drives higher potential returns from lending and borrowing activities, particularly for BTCB and SolvBTC.
  3. Innovative DeFi Strategies:
    The integration paves the way for the development of advanced DeFi strategies involving BTCB, SolvBTC, and xSolvBTC. This is expected to spur increased demand for supplying and borrowing across these assets, enriching the Venus ecosystem.
  4. Solv Points Incentives:
    To mark the launch, users can earn Solv RP with a 6x multiplier by lending xSolvBTC — the highest multiplier ever offered — during an exclusive one-month boosting campaign.
    Solv Points System Portal: Solv App - The Future of Bitcoin Finance
    DEFI Page: Solv App - The Future of Bitcoin Finance

These benefits are aligned with similar successful integrations on other lending protocols in the DeFi space, where xSolvBTC has enabled users to enhance their yield opportunities and drive higher protocol fees.

Integrating xSolvBTC into Venus’s Core Pool represents a strategic opportunity for both platforms. This partnership will enhance liquidity, attract new users, and drive innovative DeFi strategies within the BNB Chain ecosystem. By combining robust liquidity with Venus’s lending capabilities, we can foster significant growth and reinforce our leadership in the DeFi and BTC-Fi sectors.

Specifications

Proof of Reserve: xSolvBTC PoR Proof of Reserve Feed | Chainlink
Token Supply: 6,381 xSolvBTC
Token Address(BNB Chain): 0x1346b618dC92810EC74163e4c27004c921D446a5
Token Holders(BNB Chain): 9,733
Liquidity on PancakeSwap(BNB Chain): $11.9m

Additional Information

Website: Solv App - The Future of Bitcoin Finance
Audit Reports: GitHub - solv-finance/Audit: Audit reports of SOLV Protocol
Github: solv-finance · GitHub
X: https://x.com/SolvProtocol
Medium: https://solvprotocol.medium.com

4 Likes
2

I love this proposal! xSolvBTC is a good asset to list on BSC pool

1 Like
3

I like Solv. Definitely the community needs to consider adding Solv products to increase the attractiveness of Venus as a lending protocol

1 Like
4

To mark the launch, users can earn Solv RP with a 6x multiplier by lending xSolvBTC — the highest multiplier ever offered — during an exclusive one-month boosting campaign.
Great proposal and let’s embrace xSolvBTC

1 Like
5

Solv is a great partner, I heavily support adding xSolvBTC market on Venus Core Pool

1 Like