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ChainLink Unveils Exciting Update in Bid to Unlock Bitcoin’s Potential
- Solv Protocol, in collaboration with BNB Chain, Ceffu, and Chainlink, has launched the Staking Abstraction Layer (SAL) to simplify Bitcoin staking across various blockchain ecosystems.
- Since 2020, over 20,000 BTC have been staked with Solv, propelling its TVL north of US$1.2B.
- Chainlink’s CCIP will secure cross-chain operations, Ceffu will take care of custody, and BNB Chain will support user onboarding.
In collaboration with BNB Chain, Ceffu, and Chainlink, Solv Protocol has launched the Staking Abstraction Layer (SAL), a framework designed to simplify Bitcoin staking across various blockchain ecosystems.
While Chainlink will feed real-time data and secure cross-operations using its Cross-Chain Interoperability Protocol (CCIP), Ceffu will take care of custody and the BNB Chain for “on-boarding the next billion of users”, the protocol said on X.
Related: ANZ Joins Chainlink, Singapore’s MAS Project Guardian for Tokenised Real-World Assets
New Yield Opportunities for BTC Holders
SAL offers Bitcoin holders new yield opportunities through a streamlined approach to staking across multiple blockchain networks, unlocking Bitcoin’s potential in decentralised finance (DeFi).
A key feature of SAL is its support for issuing liquid staking tokens (LSTs), which allow users to use their staked BTC in multiple other DeFi applications, amplifying liquidity across different projects, maintaining accessibility, and maximising yields for holders.
It goes beyond liquid staking however – as users can participate in staking activities across various networks, earn validator rewards, and even engage in delta-neutral trading strategies. These opportunities help transform Bitcoin from a passive store of value into a dynamic, yield-generating asset.
Since its inception in 2020, over 20,000 BTC have been staked through Solv, with a Total Value Locked (TVL) of approximately US$1.2B (AU$1.78B), according to data from DefiLlama.
Ryan Chow, CEO of Solv Protocol, emphasises that SAL is designed to “solve the pain points that have historically kept Bitcoin staking from taking off,” opening a new era of yield opportunities for BTC holders.
What excites us most about SAL is its ability to aggregate all the key players – validators, protocols, LST issuers and yield distributors – under one standardized framework. This opens the doors for innovations and yield opportunities that were previously unimaginable.
Ryan Chow, Co-founder & CEO of Solv Protocol. Related: Complete Chainlink Suite Boosts Millions of Transactions on Base Network
Chainlink has been one of the busiest crypto protocols in the industry. Its token, LINK, while not the most volatile out there, has netted some decent gains through most of 2024, surging over 40%. The decentralised oracle is also one of the few projects that will be hosting a major event this October.
Author
José Oramas
José is a journalist and translator with a keen interest in blockchain and cryptocurrencies.
