Solv Protocol announces solvBTC. BERA to power BTC yield on Berachain

Solv Protocol, the Binance-backed Bitcoin staking platform, introduced the SolvBTC.BERA vault with the aim of unlocking the yield generation market on Berachain.

Solv Protocol announced SolvBTC.BERA on January 13, stating that the deposit vault integrates Bitcoin (BTC) holders into Berachain’s decentralized finance ecosystem. The protocol aims to provide new yield generation opportunities for Bitcoin holders on Berachain, an Ethereum Virtual Machine-compatible blockchain that uses a proof-of-liquidity consensus mechanism.

Users will be able to earn returns on their assets by depositing Bitcoin or Bitcoin equivalent assets such as SolvBTC, SolvBTC.BBN, wrapped Bitcoin or Coinbase wrapped Bitcoin into the SolvBTC.BERA vault. The launch paves the way for multi-layered yield generation strategies in the Berachain ecosystem.

To attract early users, Solv Protocol launched the Boyco pre-funding campaign, an incentive program that will reward early adopters post-launch.

Users will see their assets distributed across seven different return tiers. Solv Season 2 includes Babylon, Berachain rewards, Kodiak, Dolomite and Goldilocks. Kodiak is a liquidity hub on Berachain, while Dolomite is a decentralized money market fund and DEX platform.

Specifically, funds deposited into SolvBTC.BERA will be subject to a 90-day lockup period from the launch of the Berachain mainnet.

Berachain’s ecosystem utilizes a three-token model: BERA native gas token and HONEY native stablecoin.

Stablecoin’s issuance fees go to BGT holders – BGT is Berachain’s primary reward and governance token. Both BERA and HONEY tokens can be traded. However, BGT is an illiquid and non-transferable token.