The team at Solv Protocol has unveiled the Staking Abstraction Layer (SAL). This product is designed to simplify and standardize liquid Bitcoin staking across various networks.
Introducing The Staking Abstraction Layer (SAL)
Today, we’re thrilled to introduce SAL, a revolutionary framework designed to simplify and standardize Bitcoin staking across chains. With the help of partners like @BNBChain, @CeffuGlobal, and @Chainlink, we’re paving the way for… pic.twitter.com/U0mEdJ6KcW
— Solv Protocol (@SolvProtocol) October 8, 2024
Partners in the implementation of this solution include BNB Chain, Ceffu, and Chainlink.
The protocol offers Bitcoin holders three products for generating additional income:
- SolvBTC.BBN for restaking the asset;
- SolvBTC.Core for securing PoS networks;
- SolvBTC.Ethena as a basic trading strategy using leverage.
SAL is intended to unify all these solutions.
Solv Protocol highlighted the growth prospects of Bitcoin staking, given its market capitalization of approximately $1.2 trillion.
The protocol is a leader in the segment and since April has helped stake 20,000 BTC, of which 13,000 BTC came from BNB Chain. According to DeFi Llama, the total value locked in Solv Protocol is $1.44 billion.
“As more integrations are deployed, the potential for Bitcoin staking is just beginning to unfold,” the team emphasized.
Earlier in October, the oracle provider for smart contracts, RedStone, released a tool for liquid staking of the leading cryptocurrency.