Solv is a multichain DeFi protocol that unlocks the power of Bitcoin in decentralized finance. It allows users to mint SolvBTC, a liquid staking token fully backed 1:1 by BTC on the Bitcoin network. With SolvBTC, users can participate in DeFi activities across multiple chains where Solve is deployed.
For users seeking yield strategies, Solve offers xSolvBTC (sometimes referred to as BTC+), which accrues additional Bitcoin yield. This gives Bitcoin holders the ability not only to hold a liquid version of BTC but also to put it to work generating returns through Solve’s ecosystem.
xSolvBTC is a highly attractive yield strategy that has gained strong adoption across chains. Our team executed a fast-track six-week integration, bringing xSolvBTC into NEAR as an NEP-141 token (the NEAR equivalent of ERC-20).
The MVP implementation was designed to quickly test market response to this major integration, while laying the foundation for a broader expansion of Solve within the NEAR DeFi ecosystem.
On NEAR, users can now seamlessly swap nBTC (a bridged Bitcoin token already available through the Satoshi Bridge) into xSolvBTC, thereby accessing the yield opportunities powered by the Babylon protocol.
Through our in-house engineering team, we delivered a 100% on-chain integration, without any off-chain components. This required developing multiple smart contracts in Rust, carefully designed for NEAR’s architecture.
Unlike Solidity-based chains, NEAR’s smart contracts operate asynchronously. This means contracts must be structured into logical modules while still maintaining a monolithic architecture to ensure performance and reliability.
This architectural difference is precisely where our work stood out: adapting Solve’s token logic into NEAR’s unique environment while maintaining security, scalability, and speed.
This integration marks the beginning of Solve’s presence in the NEAR ecosystem. By enabling users to access xSolvBTC on NEAR, we’ve connected the largest on-chain Bitcoin reserve protocol with one of the most efficient blockchains in the industry, opening the door to entirely new DeFi opportunities.
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