Solv Protocol

Singapore-based Solv Protocol offers a platform to create financial instruments in the form of NFTs. Solv has developed a new standard, ERC-3525, a semi-fungible token standard based on the Ethereum blockchain that is designed to represent ownership in actual financial instruments such as bonds, insurance contracts, and even tokenized assets. The company has developed vesting vouchers, which are tokens that can be used to raise funds or lock-up ownership in a particular asset for a set time period. 

In March 2023, the company pivoted from asset tokenization and began offering Bitcoin-centric DeFi services. The protocol provides users with yield and liquidity opportunities for Bitcoin assets through its decentralized bitcoin reserve. The platform's flagship product, SolvBTC, is a liquid yield token backed 1:1 by Bitcoin that can be staked or used in various DeFi protocols across multiple networks including the Bitcoin mainnet, Ethereum, and BNB Chain. In October 2024, the company expanded its services to the Solana blockchain through the launch of SolvBTC.JUP, a new liquid staking token. The token enables users to generate BTC-denominated yield from transaction fees on Jupiter Exchange, a decentralized exchange built on Solana. 

 The core of Solv's infrastructure is built on three main features: 1) a liquidity consensus network for managing cross-chain liquidity, 2) the UTXO-3525 protocol for mapping Bitcoin transactions to EVM-compatible networks, and a 3) compliance bridge to facilitate integration with traditional finance. Users can earn yield through strategies like BTC staking, restaking, and delta-neutral trading. As of October 2024, Solv Protocol had reached USD 1.4 billion in total value locked (TVL).

Key customers and partnerships

Solv Protocol has established partnerships with several entities in the blockchain space. In July 2024, Solv partnered with AILayer, a Bitcoin Layer 2 platform focused on AI applications, to enable the latter’s native token (aBTC) holders to convert their tokens to SolvBTC. The company went on to enter a similar partnership with Base, Coinbase’s Ethereum Layer 2 platform, in September 2024, to offer Bitcoin staking services for cbBTC holders. 

The company also partnered with Antalpha, a Bitcoin services provider, in May 2024, to leverage its expertise in Bitcoin management and bring trading strategy yields to SolvBTC.