4 hours ago
Solv Protocol, a fiscal services supplier for bitcoin (BTC) holders, has partnered with decentralized oracle web Chainlink to integrate real-time verification of Solv's existent BTC reserves backing its liquid token, SolvBTC, straight into its terms feed. This integration enhances transparency and builds greater spot for users.
Unlike accepted terms feeds that trust solely connected marketplace data, the caller SolvBTC-BTC Secure Exchange Rate provender combines speech complaint calculations with real-time impervious of reserves, delivering an on-chain redemption complaint firmly anchored successful verifiable collateral.
Additionally, the mechanics features built-in precocious and little bounds based connected reserve data, making it resistant to manipulation and safer for usage successful decentralized lending markets specified arsenic Aave.
“We’re excited to enactment with Chainlink to motorboat a Secure Exchange Rate feed. This marks a large improvement successful DeFi security, allowing protocols to much accurately terms wrapped assets by leveraging redemption rates rooted successful verifiable collateral, powered by the Chainlink standard,” said Ryan Chow, Co-Founder and CEO of Solv, successful a property merchandise shared with CoinDesk.
The SolvBTC-BTC Secure Exchange Rate provender is present unrecorded connected the Ethereum mainnet, with plans to grow to different chains, including BOB.
SolvBTC, launched successful April 2024, is simply a bitcoin-backed liquid staking token that enables BTC holders to enactment successful decentralised concern (DeFi) ecosystems and gain output portion maintaining BTC exposure. Users tin deposit BTC and mint SolvBTC, a liquid practice of staked BTC, usable crossed assorted DeFi protocols, including vaults, decentralized exchanges (DEXs), and lending platforms.
Chainlink’s Proof of Reserve (PoR) leverages its decentralized oracle web to verify that the on-chain proviso of tokenized assets, similar stablecoins oregon wrapped assets, is afloat backed by existent reserves held off-chain oregon connected different blockchains.
With billions of dollars successful wrapped assets circulating wrong DeFi, transparent, reliable pricing mechanisms are progressively critical. By combining PoR with terms feeds atop Chainlink's existing cross-chain interoperability via CCIP, Solv enables wrapped assets to relation securely arsenic collateral crossed aggregate blockchains.
Johann Eid, Chief Business Officer astatine Chainlink Labs, summarized it well: “By combining real-time collateral verification with speech complaint logic, this solution delivers a redemption complaint rooted successful cryptographic truth, raising the information modular for wrapped assets crossed DeFi.”
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