Binance Labs-backed Solv Protocol has launched Bitcoin staking on Base, a Layer 2 chain, using Coinbase's recently launched cbBTC token. The cbBTC token is backed 1:1 by BTC holdings on Coinbase and allows users to participate in decentralized finance (DeFi) opportunities. Users can mint SolvBTC using cbBTC and further broaden their participation by converting it into SolvBTC.BBN, a liquid staking token that offers additional Bitcoin staking yields. Solv Protocol's integration of cbBTC aims to unify Bitcoin liquidity and make the Bitcoin DeFi experience more accessible. Coinbase's cbBTC token allows BTC holders to convert their assets into the wrapped token, similar to wrapped Bitcoin (WBTC). Users can transfer Bitcoin to Base or Ethereum addresses to convert it to cbBTC and use it across DeFi protocols like MakerDAO, Aave, and Compound. Solv Protocol joins other platforms like Lombard Finance, Swell, and AcreBTC in offering liquid staking opportunities to the Bitcoin community.
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