Solv Protocol, a Bitcoin staking platform, has launched SolvBTC.JUP, a new Liquid Staking Token (LST) for the Solana network. The token is currently in its pilot phase, allowing Bitcoin holders to deposit their BTC and receive SolvBTC.JUP in return.

SolvBTC.JUP is designed to generate BTC-denominated yield from transaction fees on Jupiter Exchange, a decentralized exchange built on Solana. The company aims to provide Bitcoin holders with a reliable way to earn returns in BTC, targeting a yield of approximately 12% annual percentage returns (APR). This initiative is part of Solv's broader effort to enhance Bitcoin's role in decentralized finance and expand yield options across different blockchain ecosystems.

Analyst QuickTake: The company has been making recent strides since it pivoted from being an asset tokenization platform to a Bitcoin-centric DeFi services platform earlier this year. Notably, this news comes just a few days after Solv raised USD 11 million in fresh funding to expand support for its platform across multiple blockchains.