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  • Binance-backed Solv Protocol introduces Bitcoin staking on Base with cbBTC token

    Binance-backed Solv Protocol introduces Bitcoin staking on Base with cbBTC token

    Solv Protocol introduces Bitcoin staking on Base with cbBTC token
    • Solv Protocol has launched Bitcoin staking for cbBTC holders on the Base network.
    • cbBTC holders on the Solv protocol can mint SolvBTC and convert it to SolvBTC.BBN for Bitcoin staking yield.
    • cbBTC, backed 1:1 by Coinbase’s BTC holdings, is live on Ethereum and Base for DeFi integration.

    Solv Protocol, supported by Binance Labs, has unveiled its latest innovation in the cryptocurrency space: Bitcoin staking for holders of the newly launched wrapped Bitcoin token, cbBTC, on the Base network.

    Coinbase’s cbBTC token allows Bitcoin holders to convert their assets into this new wrapped token, similar to previous efforts with Wrapped Bitcoin (WBTC).

    The conversion process involves transferring Bitcoin from user accounts to either Base or Ethereum addresses, where it is transformed into cbBTC. This token can then be utilized across various DeFi protocols, including MakerDAO, Aave, and Compound as we had detailed in our earlier news coverage.

    Earning Bitcoin staking yields on Solv Protocol with cbBTC

    Solv Protocol is capitalizing on the newly launched Coinbase cbBTC token, which is backed 1:1 by BTC holdings on Coinbase and is now available on both Ethereum and the Base layer 2 chain to offer Bitcoin staking through the cbBTC token on the Base network.

    Solv Protocol enables cbBTC holders to mint SolvBTC, a token designed to enhance participation in decentralized finance opportunities. The users can then convert SolvBTC into SolvBTC.BBN, a liquid staking token that provides additional Bitcoin staking yields.

    Solv Protocol’s latest offering adds to the growing array of platforms providing liquid staking or restaking opportunities for Bitcoin, alongside other services like Lombard Finance, Swell, and AcreBTC.

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  • Morpho becomes first L2 protocol to launch on Base

    Morpho becomes first L2 protocol to launch on Base

    Morpho becomes first L2 protocol to launch on Base
    • Morpho is the first Layer 2 protocol to launch on Coinbase’s Base.
    • Morpho has introduced MetaMorpho Vaults and Morpho Markets on Base, boosting yield and borrowing options.
    • Morpho’s CEO, Paul Frambot, has shifted his stance on Base deployment seeing it as pivotal for Morpho’s growth in DeFi.

    Morpho, a decentralized finance (DeFi) lending and borrowing protocol initially established on Ethereum, has achieved a significant milestone by becoming the first layer-2 (L2) protocol to launch on Base, a scaling network for Ethereum introduced by Coinbase in 2023.

    This expansion marks a pivotal moment for Morpho as it seeks to capitalize on the growing DeFi ecosystem and enhance its service offerings. The move is set to transform Morpho’s trajectory and potentially position it as a leading protocol on Base.

    Morpho to tap into Base’ DeFi ecosystem with this expansion

    Morpho’s transition to Base is a strategic decision aimed at tapping into a burgeoning DeFi ecosystem.

    Despite CEO Paul Frambot’s initial reluctance to expand onto a second chain, he has acknowledged that circumstances have evolved, necessitating this new deployment.

    This shift underscores the dynamic nature of the DeFi landscape and Morpho’s adaptive strategy to stay ahead in a competitive market.

    The introduction of Morpho on Base brings with it several innovative features designed to enhance user experience and optimize capital utilization.

    One of the key features is MetaMorpho Vaults, which offers optimized yields through passive lending. Users can earn returns by depositing assets into these vaults, providing a robust mechanism for yield generation.

    Additionally, Morpho Markets allows users to borrow against their deposits, with markets such as the cbETH/USDC enabling users to borrow the USDC stablecoin using cbETH as collateral. These features are poised to attract a new wave of users to the platform, further bolstering its growth.

    Morpho’s platform on Base could outpace its Ethereum version

    The potential for Morpho’s platform on Base to outpace its Ethereum version within the next year is significant.

    The broader adoption of Base across the market is anticipated to drive user onboarding, which is crucial for Morpho’s expansion and success.

    At the moment, DeFiLlama data shows that Morpho has a total value locked (TVL) of $1.833 billion. This is a substantial increase from approximately $597.76 million at the beginning of the year.

    This impressive growth trajectory highlights Morpho’s robust performance and the increasing confidence of users in its protocol.

    Morpho’s launch on Base not only signifies Morpho’s commitment to growth but also highlights the evolving nature of the DeFi space. As Base continues to see greater adoption, the synergy between these platforms could lead to unprecedented growth and innovation in the DeFi sector.

    Morpho’s strategic expansion and the introduction of user-centric features position it well to harness the potential of the Base network, setting the stage for a new era in decentralized finance.

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