Solv Protocol Raises $11M at a $200M Valuation to Drive Bitcoin Staking Through Its SAL Framework

The platform unlocks BTC liquidity across blockchains for seamless yields.

Solv Protocol, a pioneer in the emerging field of "Bitcoin finance" (BTCFi), has secured an additional $11 million in funding at a valuation of $200 million. This latest capital infusion follows a previous $14 million Series A round, bringing Solv's total fundraising to $25 million.

The new funding will be used to expand Solv's product suite and user base, driving the mass adoption of Bitcoin staking.

Solv's flagship product, SolvBTC, currently manages over 20,000 BTC across ten blockchains, totaling $1.3 billion in TVL. This highlights the growing interest in BTC staking, though the overall adoption still lags far behind Ethereum's 28% staking rate. If Bitcoin were to achieve similar staking levels, the company estimates that $330 billion could be unlocked for BTC holders.

To address the liquidity fragmentation and lack of programmability in the Bitcoin ecosystem, Solv recently launched the Staking Abstraction Layer (SAL). This innovative framework enables BTC holders to stake SAL across different blockchain networks, removing the obstacles that would otherwise prevent them from participating.

The SAL is currently integrated with protocols such as BNB Chain, Ceffu, and Chainlink, offering users enhanced transparency and scalability. Moreover, SAL's ability to unify staking across multiple chains opens up new avenues for liquidity and yield. Ultimately, Bitcoin staking becomes a viable alternative to Ethereum-based solutions for those seeking to leverage BTC for DeFi services.

In line with Solv Protocol's BTCFi vision, the company has also launched three new Liquid Staking Tokens (LSTs). These tokens are designed to generate yields through different mechanisms, allowing BTC holders to extract the maximum possible yield from their tokens.

For SolvBTC.BBN, Babylon Labs partners with SolvBTC to boost token holder earnings. SolvBTC.CORE is integrated into CoreDAO's network, enabling users to participate in the protocol's governance and earn token rewards. SolvBTC.ENA employs a distinct yield generation method, utilizing the basis trading strategy provided by Ethena Labs.

Housed within the SAL framework, these LSTs empower users to earn returns while simultaneously contributing to network liquidity. SolvBTC aims to expand Bitcoin's role within decentralized finance by allocating 80% of holdings to yield-generating strategies.

As BTCFi continues to gain momentum, Solv Protocol remains at the forefront with over 400,000 users. Its products are seamlessly integrated across multiple networks, offering flexibility and enhanced yield options to BTC holders.

According to the company's roadmap, the SAL framework will also witness further product launches and upgrades in the coming weeks. Solv Protocol is poised to capture the growth of Bitcoin staking, bridging the gap with Ethereum staking, and unlocking new revenue streams for BTC holders.