In an impressive 24-hour performance, Solv Protocol achieved $1.48 million in protocol fees, securing the 6th position in DeFiLlama’s rankings.
This achievement places Solv ahead of notable competitors such as Solana, which garnered $1.24 million, and Uniswap, with fees of around $1.15 million. With a total value locked (TVL) now standing at $1.4 billion, Solv Protocol is recognized as the leading protocol within the BTCFI ecosystem. As a dedicated Bitcoin staking platform, Solv continues to make significant strides in the decentralized finance (DeFi) sector.
According to DefiLlama, Solv Protocol generated $1.48 million in protocol fees in the past 24h, ranking 6th on DeFillama, surpassing Solana (about $1.24 million) and Uniswap (about $1.15 million). Solv Protocol TVL has reached $1.4 billion, becoming the protocol with the highest…
— Wu Blockchain (@WuBlockchain) October 5, 2024
RedStone recently announced its support for Solv Protocol’s tokens, including $solvBTC, $SolvBTC.BBN, and $SolvBTC.ENA, leveraging price channels through the Push Model. This integration aims to improve operational efficiency by facilitating smooth data communication between SolvBTC and its liquid staking tokens (LST).
Positioned as an integrated marketplace for the creation, issuance, and trading of next-generation financial assets in the Web3 ecosystem, Solv Protocol utilizes the ERC-3525 Semi-Fungible Token (SFT) Standard. This innovative approach combines the fungibility of ERC-20 tokens with the distinctive characteristics of NFTs. As a result, Solv is pioneering the first on-chain bond market that links traditional finance (TradFi) with decentralized finance (DeFi), offering two main types of bonds: those for institutions and those for DAOs.
The launch of SolvBTC has opened up fresh avenues for Bitcoin liquidity across various platforms, enabling users to engage seamlessly in DeFi. Collaborations with Babylon and Ethena further broaden its offerings, allowing Bitcoin holders to earn staking yields or pursue arbitrage strategies while retaining their Bitcoin exposure.
New Integration. RedStone – SolvProtocol.
RedStone recently announced its support for $solvBTC, $SolvBTC.BBN and $SolvBTC.ENA by @SolvProtocol Price channels are used through the Push Model.Solv Protocol is an integrated marketplace to create, issue, and trade the… pic.twitter.com/M0HqwvcQqA
— Simon_kot 🔮♦️ (@Simyon92283432) October 5, 2024
With RedStone’s dependable data feeds, Solv Protocol ensures secure and prompt communication between its assets and the underlying networks, solidifying its status as a frontrunner in DeFi innovation.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!
Image Source: loft39studio/123RF // Image Effects by Colorcinch