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Tag: Token

  • Polyhedra’s ZKJ token collapses following ‘abnormal on-chain activity’

    Polyhedra’s ZKJ token collapses following ‘abnormal on-chain activity’

    Polyhedra’s ZKJ token collapses following ‘abnormal on-chain activity’

    • The Polyhedra Network (ZKJ) token has plunged 91% after abnormal on-chain activity.
    • Binance has blamed whale exits and a liquidation cascade for the token crash.
    • The upcoming June 19 token unlock may trigger further price drops.

    The cryptocurrency market has once again been rocked by a dramatic price collapse, this time involving Polyhedra Network’s native token, ZKJ.

    The ZKJ token has suffered an unprecedented decline of over 91% in less than 24 hours, sending shockwaves across exchanges and drawing scrutiny from regulators, investors, and analysts alike.

    ZKJ, which had been trading steadily around $2.00 for over a month, crashed to a record low of $0.2676 on June 15, 2025, wiping out nearly $500 million in market capitalisation.

    ZKJ token crash

    This price crash has raised serious concerns over liquidity risks, tokenomics structure, and the influence of large holders in decentralised finance.

    What caused the sudden Polyhedra Network (ZKJ) price collapse?

    The ZKJ price collapse began early on June 15 when Polyhedra Network posted on X (formerly Twitter) that a wave of “abnormal on-chain transactions” had struck the ZKJ/KOGE trading pair.

    Within hours, the token’s price plummeted by more than 83%, as market participants scrambled to understand what had triggered the meltdown.

    Binance later weighed in, attributing the collapse to a liquidity crisis stemming from large-scale withdrawals involving KOGE, a token closely paired with ZKJ.

    According to the exchange, these withdrawals created a “liquidation cascade” as major wallets began offloading their holdings.

    As KOGE’s USDT pool was drained, traders moved their assets into the ZKJ/USDT pool, which quickly became overloaded.

    This sudden shift overwhelmed the system, accelerating the sell-off and deepening the decline in ZKJ’s value.

    Massive withdrawals and whale activity

    Blockchain data has revealed several wallets that had been actively farming Alpha Points before the crash.

    One wallet alone withdrew more than $3.7 million in KOGE and $530,000 in ZKJ.

    Two other wallets combined pulled out nearly $5 million, further intensifying the downward spiral.

    These actions suggest the involvement of large holders, commonly known as whales, whose exits likely triggered cascading liquidations across leveraged positions.

    As prices tumbled, margin calls were activated, leading to forced liquidations that compounded the selling pressure.

    Although some community members have speculated about foul play, no leading blockchain analytics platform has verified such claims.

    Polyhedra, for its part, insists it is conducting a thorough review and maintains that its core technology remains unaffected.

    Binance has altered its Alpha Points rules for ZKJ and KOGE

    In response to the unfolding situation, Binance announced a major change to its Alpha Points rewards program.

    Starting June 17, trades between Alpha tokens, including ZKJ and KOGE, will no longer count toward Alpha Points calculations.

    This policy shift is aimed at reducing systemic risk and discouraging concentrated trading behaviors that can lead to abrupt market failures.

    Binance’s decision is being viewed as a proactive step to restore market integrity and reduce manipulation.

    Upcoming token unlock adds to the bearish pressure

    Further adding to investor anxiety is the imminent unlock of 15.5 million ZKJ tokens scheduled for June 19.

    Valued at approximately $10 million, this unlock could flood the market with fresh supply at a time when confidence is already severely shaken.

    Given that this represents more than 5% of the current circulating supply, market analysts warn that another sharp drop could occur if holders rush to sell upon unlocking.

    The timing could not be worse for a token already reeling from its steep fall.
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  • VIRTUAL token surges 183% in April amid rising institutional demand

    VIRTUAL token surges 183% in April amid rising institutional demand

    Investment

    • Institutional interest drives the VIRTUAL rally.
    • Chaikin Money Flow signals strong capital inflows.
    • The price pattern shows a bullish formation.

    While most digital assets struggled to maintain direction in April, VIRTUAL emerged as one of the few cryptocurrencies to post sharp gains.

    The token has rallied 183% since April 1, making it the top-performing asset in the crypto space during a month marked by subdued sentiment and low volatility.

    With its price up 22% in the last 24 hours alone, investor attention has turned to the technical indicators, suggesting further upside may be on the horizon.

    The rally comes amid a broader shift in smart capital allocation, as institutional buyers appear to be rotating into mid-cap altcoins with strong momentum and liquidity.

    Institutional interest drives the VIRTUAL rally

    VIRTUAL’s uptrend began on 22 April and has since shown consistent price appreciation.

    One of the most notable developments has been the surge in its Smart Money Index (SMI), which currently stands at 3.07.

    The SMI tracks institutional trading patterns by focusing on price movements during the opening and closing hours of each trading day.

    A rising SMI along with increasing price generally signals accumulation by professional or large investors.

    This correlation suggests that “smart money” is positioning itself for longer-term gains, adding weight to VIRTUAL’s recent momentum.

    On-chain data also shows that the number of whale addresses holding VIRTUAL has risen since mid-April, providing additional evidence of institutional accumulation.

    Chaikin Money Flow signals strong capital inflows

    Further confirming the bullish sentiment is VIRTUAL’s Chaikin Money Flow (CMF) indicator, which remains in positive territory at 0.25 and continues to trend upwards.

    The CMF measures the volume-weighted average of accumulation and distribution over a given period, helping traders assess the strength behind a price move.

    A positive and rising CMF reading reflects strong buying pressure and sustained capital inflows.

    Together with the elevated SMI, this trend reinforces the narrative that VIRTUAL’s current rally is backed by increasing liquidity and investor confidence.

    Analysts tracking short-term trends have also noted heightened activity on VIRTUAL’s decentralised exchange pairs, with total volume crossing $20 million over the past week.

    This points to both retail and institutional participation in the ongoing uptrend.

    Price pattern shows a bullish formation

    Technically, VIRTUAL has been trading within an ascending parallel channel since its breakout on 22 April.

    This formation, defined by consistently higher highs and higher lows within two upward-sloping trendlines, is generally considered a bullish signal.

    As long as the token remains within this pattern, the current trend is likely to continue.

    If momentum persists and demand remains high, VIRTUAL’s price could rise to test the upper resistance level near $2.26.

    That would represent a further 25% increase from current levels.

    However, if profit-taking intensifies and breaks the token’s support at $1.55 (£1.24), the bullish structure may fail.

    In that case, the price could drop towards the $0.96 region, where previous demand re-emerged.

    Short-term sentiment remains bullish

    Despite broader market weakness, sentiment around VIRTUAL remains positive in the short term due to favourable on-chain metrics and increased institutional interest.

    The token’s strong performance in April has sparked discussions around whether it can sustain momentum into May, particularly as altcoin volatility returns.

    Technical indicators currently favour a continuation of the uptrend, though any macroeconomic shock or sudden risk-off sentiment in the crypto sector could pose downside risks.

    Market participants are watching upcoming economic data releases closely, which may influence liquidity across risk assets, including VIRTUAL.

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  • SIGN price rallies 80% as top crypto exchanges add token

    SIGN price rallies 80% as top crypto exchanges add token

    • Sign (SIGN) price has jumped more than 80% amid multiple exchange listings, including on South Korea’s largest crypto exchange.
    • Upbit plans to list SIGN trading pairs for Korean won, Bitcoin and Tether (USDT).
    • Profit taking could derail Sign price momentum.

    Sign (SIGN) is up more than 80% in the past 24 hours, skyrocketing as multiple exchanges and trading platforms list the token.

    As of writing, the SIGN token traded near $0.13, up 85% and likely to rally further following its listing on Upbit, the largest cryptocurrency exchange in South Korea.

    Market buzz as Sign surges

    Sign is an omni-chain attestation protocol designed to power on-chain claims for identity, ownership, and credentials.

    The Sign Protocol, which operates across multiple blockchains, aims to make attestation technology more accessible and user-friendly, embedding it into everyday digital interactions.

    With services like Token Table for on-chain token distribution, EthSign for web3 signing, and the Sign Protocol for omni-chain attestation.

    Meanwhile, the Sign (SIGN) token is the platform’s native token, used for gas fees, staking and airdrop rewards.

    SIGN token’s remarkable price rally comes as Upbit, South Korea’s largest cryptocurrency exchange, announced the listing of the token.

    It joins other platforms, including Bitget, Bitrue and Gate.io in adding support for the token.

    The hype amid these developments have seen Sign’s token price jump sharply.

    Upbit plans to list SIGN with Korean won (KRW), Bitcoin (BTC), and Tether (USDT) trading pairs.

    Upbit said in a notice that deposits/withdrawals will open three hours after the announcement.

    However, the exchange did not provide an exact listing time for the token.

    Why does Upbit listing matter?

    South Korea is a major hub for crypto trading, and Upbit’s dominant position in the market has given SIGN a significant boost.

    The exchange’s decision to support SIGN reflects growing confidence in the project’s potential, especially given the fact that South Korean investors have historically shown massive enthusiasm for digital assets. Its listing of the token could help push prices higher.

    Notably, the trading volume of Sign (SIGN) has reached over $658 million, representing a staggering 1,462,136% increase in 24 hours.

    CoinGecko analysts indicate the spike signals a sharp rise in sentiment and market activity.

    Analysts are optimistic about its short-term trajectory, given the heightened trading volume and market interest.

    Price discovery may see buyers extend beyond $0.13, with momentum continuation benefiting from overall market performance.

    However, monitoring of whale activity could be key as is the fact that a reversal amid profit taking may be equally sharp and painful.

     

     

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  • Analyst holds $5 target for Pi Network ahead of major token release

    Analyst holds $5 target for Pi Network ahead of major token release

    Pi Network will rise to $5 despite 5.6M token unlock

    • The over $$138.252 million Pi Network token unlock on over the next 30 days may pressure Pi’s price.
    • Whales have moved 41M PI off exchanges, hinting at a rebound.
    • Analysts predict $5 target with market and ecosystem growth.

    Pi Network token has had a rough patch recently, with the Pi Network price dipping 80% from its all-time high to around $0.63 and struggling to gain momentum amid daily token unlocks.

    Despite the immense bearish pressure exerted by the token unlocks, a bold Pi Network price prediction has emerged from analysts, one of whom foresee the PI token climbing to an impressive $5.

    Why the $5 Pi Network price prediction could be realistic

    To start with, Pi Network price today sits at around $0.63 with a sturdy support at $0.60, a zone some experts believe could serve as a springboard for a breakout toward higher valuations.

    Technical analysis reveals a double-bottom pattern with a neckline at $0.7857, hinting at a possible breakout, while price prediction models suggest a climb to $1.83 by May 2025; a 190% jump from today.

    Adding fuel to the optimism, Pi Network founder Nicolas Kokkalis is slated to speak at Consensus 2025, a major crypto event, signaling a boost in credibility for the project amid the latest Pi Network news.

    Notably, Kokkalis’ appearance at Consensus 2025 alongside crypto giants like Eric Trump and Bo Hines coincides with the unlock of 5.6 million tokens, a move that could either weigh on the price or be absorbed by growing demand, depending on market dynamics.

    At the same time, Pi token whale activity is turning heads, with a single investor withdrawing 7.5 million PI token valued at $4.82 million from OKX, part of a broader $48 million accumulation now worth $31 million.

    From a broader perspective, whales have move approximately 41 million Pi tokens from crypto exchanges, signaling at massive accumulation.

    Such large-scale accumulation suggests confidence in the Pi Network value, potentially foreshadowing a price surge as these investors position themselves ahead of key milestones.

    Analysts also point to several drivers that could spur a potential recovery, including an improving cryptocurrency market, clearer Pi Network tokenomics, listings on top-tier exchanges, and broader ecosystem growth; all critical for the Pi Network price prediction to materialize.

    A listing on exchanges like Binance or Coinbase could also ignite investor enthusiasm, pushing the Pi Network price beyond its stubborn resistance at $0.70, a level it has repeatedly failed to breach.

    Beyond that, expanding real-world use cases for the PI token, such as applications or services accepting it, could solidify its utility and bolster long-term value.

    Possible handles that could curtail Pi Network’s rise

    The planned unlock of 219,065,154.07 tokens over the next 30 days and over 1.5 billion tokens over the next year raises concerns about dilution.

    Pi Network token unlocks over the next month

    And to make things worse, 35 billion PI tokens are held by insiders against 65 billion allocated to the community, a factor that could challenge the Pi Network price.

    In addition, the Pi Network open mainnet launch problems, as users struggle to migrate to the mainnet, has limited exchange presence, keeping its market cap at $4.3 billion and its price in a holding pattern.

    Nevertheless, the team has unveiled an elaborate Pi Network tokenomics with a total supply of 100 billion tokens; 65% allocated to community mining rewards, 10% to the foundation, 5% to liquidity, and 20% to the Core Team, and designed to scale with community migration to the mainnet.

    This tokenomics structure aims to ensure fairness and prevent early dumping, tying the network’s progress to the speed of Pioneer adoption, a unique approach that could stabilize the Pi Network value over time.

    In essence, while the 5.6 million tokens unlock poses a near-term risk, the $5 Pi Network price forecast hinges on Pi Network overcoming its challenges and capitalizing on its ecosystem expansion, making the Pi Network mainstream adoption a critical watchpoint.

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  • Bounce Token (AUCTION) spikes 36% to lead top gainers

    Bounce Token (AUCTION) spikes 36% to lead top gainers

    • Bounce Token soared more than 36% on Sunday, gaining to an intraday high of $36.17.
    • Analysts predict a breakout for AUCTION price.

    Bounce Token (AUCTION) has surged by an impressive 36% over the past 24 hours, emerging as among top gainers in the 500 largest coins by market cap. Only Ancient8 (AB) with a staggering 109% in 24 hours and BinaryX (BNX) with 40% as surged by more.

    Notably, this price spike comes as most altcoins look to hold onto gains as Bitcoin hovers near $84k.

    Bounce Token price recap: A 36% surge in 24 hours

    According to CoinMarketCap data on March 16, 2025, Bounce Token (AUCTION) climbed 36% to reach an intraday high of $36.17. While the altcoin, native to the decentralised auction platform, remains about 49% from it’s all-time high of $70.56, it has seen significant gains in recent weeks.

    Per CoinMarketCap, AUCTION price has jumped by about 107% over the past seven days and 204% in the past month. These gains have pushed Bounce Token’s market capitalization to around $232 million.

    Meanwhile, trading volume has also skyrocketed, up 230% in 24 hours to hover at $590 million at the time of writing.

    Why is the AUCTION price up today?

    Bounce Token’s price rally builds on AUCTION’s longer-term momentum. Part of this has to do with the growth in the ecosystem and new project launches.

    One of these is Auction Intelligence, an artificial intelligence (AI) agent launchpad by Bounce Finance, which went live on the BNB Chain.

    Although the market is largely negative, Bounce Token bucks the trend with notable impetus from its traction in the DeFi space. There’s also huge anticipation around real-world collectibles.

    As noted above, an innovative auction mechanism and adoption are key to the current upward trajectory.

    Can AUCTION bounce to a new ATH?

    If the bulls hold key support levels, such as the $30, its possible they could target the $60 mark seen in November 2021. From here, with supportive market conditions, it would be a new ATH for buyers.

    Crypto insights provider Crypto Sat shared an outlook for AUCTION price on March 12.

     

    On the flipside, profit taking deals could allow bears to target $20 and then $10 – previous demand reload zones.

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  • Binance to list Solv Protocol’s native token SOLV next week

    Binance to list Solv Protocol’s native token SOLV next week

    Binance to list Solv Protocol’s native token SOLV next week
    • SOLV token to be listed on Binance on January 17, 2025, with four trading pairs.
    • Solv Protocol focuses on Bitcoin staking to boost DeFi integration and liquidity.
    • Besides listing, Binance has also invested in Solv Protocol.

    Binance, one of the world’s leading cryptocurrency exchanges, has announced its plan to list Solv Protocol’s native token, SOLV, next week.

    This move is set to amplify SOLV’s visibility and utility within the burgeoning sector of Bitcoin-focused decentralized finance (DeFi).

    SOLV to be listed on Binance on January 17

    The listing of SOLV on Binance is scheduled for January 17, 2025, at 10:00 UTC, with trading pairs including SOLV/USDT, SOLV/BNB, SOLV/FDUSD, and SOLV/TRY.

    Notably, SOLV will enter the market with the “Seed” label, which Binance uses to signify tokens that are in their early stages, potentially indicating higher risk but also higher growth opportunities.

    The anticipation around the SOLV listing is palpable, with posts on social media platforms like X highlighting the community’s excitement and speculation about the token’s future market performance. Discussions point towards an initial market cap expectation ranging from $400 million to $600 million, reflecting both optimism and caution given the token’s nascent stage.

    The rise of the Solv Protocol

    Solv Protocol has carved a niche for itself by focusing on Bitcoin staking, aiming to integrate Bitcoin more deeply into the DeFi ecosystem. The protocol’s mission is to unlock the potential of over $1 trillion in Bitcoin assets by providing yield opportunities while preserving liquidity.

    With this listing, Binance endorses Solv Protocol’s vision and opens up new avenues for its users to engage with high-potential DeFi projects centred around Bitcoin.

    This listing comes on the heels of a significant strategic investment by Binance Labs in Solv Protocol, underscoring a strong belief in its potential to revolutionize Bitcoin’s role in DeFi. Solv Protocol has raised substantial funding, with a total of $22 million, to further its development and adoption.

    In addition to listing on Binance, SOLV will also be integrated into Binance’s Megadrop platform, where users can earn SOLV tokens by locking BNB or participating in Web3 quests, adding another layer of engagement for the crypto community.

    As we approach the listing date, all eyes will be on how SOLV performs and how effectively Solv Protocol can leverage this opportunity to expand its ecosystem and user base.

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  • iDEGEN price prediction: Is this the AI agent token to buy?

    iDEGEN price prediction: Is this the AI agent token to buy?

    Multiple small cap cryptocurrencies are witnessing notable price gains as profit taking cools for the major coins.

    Zerebro and Goateus Maximus rank as two of the biggest daily gainers as Bitcoin regains support above $94k. As traders eye potential bullish momentum in the coming months, what’s the price prediction for AI agent token iDEGEN?

    Will it explode to surpass sector rivals ai16z, ZEREBRO and GOAT? Is the outlook for Bitcoin key?

    What next for Bitcoin and altcoins?

    The overall sentiment remains bullish, but immediate action for most altcoins is slightly bearish. Analysts looking at Bitcoin and the altcoin market suggest the bull market correction may yet extend. For Bitcoin for instance, bulls may have to defend the $90k-$85k area if bears establish control short term.

    Ran Neuner, crypto trader and founder of Crypto Banter, has pointed to the Crypto Fear & Greed Index. He shared via X:

    “Corrections are a function of a change in sentiment from exuberance to fear. In every bull market correction the fear and greed drops by at least 40 points! I think the high was around 92 and we are at 65 now.”

    Notably, the market sentiment analysis tool shows “greed.”

    How is iDEGEN unique?

    What sets iDEGEN apart and a factor to its massive traction in the past month is its innovative blend of artificial intelligence and meme culture.

    The project taps into advanced AI agent technology but instead of feeding it pre-configured or knowledge, the team threw a blank slate AI to the world for training. There are no guardrails or limits to what iDEGEN can learn or become.

    Specifically, iDEGEN is degen raised, with every morsel of alpha or chaotic spew learned on X.

    Over the past month, the project has learned and posted every hour, evolving amid increased interaction with the crypto degens. Taking the community-driven approach looks to have appealed to the greater crypto market, with the explosive run to over $11 million in premarket auction a pointer to this.

    iDEGEN price prediction

    In recent weeks, ai16z, Zerebro and aixbt have rallied hard as analysts predict the sector will lead the market in 2025. This outlook makes the native iDEGEN token IDGN one to watch as it hits the market.

    Given, iDEGEN has reached over $11 million in premarket auction, hitting the milestone ahead of the token’s listing on crypto exchanges. However, the token’s value amid the dynamic pricing model has the price poised at $0.318.

    With the final value set for a 10% bump on listing debut, it could be much higher when it hits the market.

    Need to learn more about iDEGEN? Visit the official website here.

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  • Gate.io to list CYBRO token on Dec 14 after $7M presale success

    Gate.io to list CYBRO token on Dec 14 after $7M presale success

    Gate.io to list CYBRO token on Dec 14
    • CYBRO token ($CYBRO) will be listed on Gate.io on December 14.
    • Gate.io is also conducting a 500,000 CYBRO token airdrop for subscribers holding at least 10GT.
    • CYBRO has earned a spot among the Top 50 apps on Blast.

    Following a highly successful presale which raised $7 million between April and December 2024, CYBRO, an AI-driven multichain earning marketplace,  has announced that its $CYBRO token will be listed on Gate.io on December 14, 2024.

    Notably, $CYBRO’s listing comes thirteen days earlier. When announcing the conclusion of the CYBRO presale, the CYBRO team had announced that the listing was tentatively scheduled for December 27 although they were working to move it earlier.

    Gate.io to airdrop 500k CYBRO tokens before listing

    In addition to listing the $CYBRO token, Gate.io will also conduct a “GT Exclusive Airdrop” that will distribute 500,000 CYBRO tokens free of charge. 

    To successfully participate in the airdrop, subscribers will require a current holding of at least 10GT, which will be checked during Token distribution. The subscription period for the airdrop is scheduled to run from December 12, 2024, at 13:00 UTC+8 to December 14, 2024, at 13:00 UTC+8.

    The GT airdrop initiative is expected to enhance accessibility and generate further interest in CYBRO. 

    Notably, user participation funds (the 10GT) will not be deducted; it only serves as a requirement. 

    CYBRO trading on Gate.io starts on December 14

    CYBRO Trading will commence on December 14, 2024, after the conclusion of the airdrop, at 17:00 UTC+8, with the initial trading pair being CYBRO/USDT.

    CYBRO has announced that after the Gate.io listing, additional listings on another major centralized exchange and a prominent decentralized exchange are on the way, with further expansions anticipated.

    What is CYBRO?

    After the successful presale, CYBRO has emerged as a promising platform in the decentralized finance (DeFi) space. With a strong community of 18,173 token holders, the multichain earning marketplace aims to optimize Web3 investment opportunities through advanced AI portfolio management and user-centric design.

    CYBRO’s rise has been fueled by its innovative approach to simplifying DeFi investments. Leveraging AI-driven strategies, the CYBRO platform offers tools to manage portfolios dynamically, optimize yields across protocols, and accommodate diverse investor preferences. 

    Currently, CYBRO features 28 vaults, including two that provide native rewards for farming project points. These vaults are complemented by filtering and sorting tools, ensuring ease of use for both novice and experienced investors.

    The platform’s commitment to security and transparency has been underscored by four technical audits conducted by Pessimistic and QuillAudits, as well as KYC verifications completed with Assure DeFi and Certik. 

    CYBRO has also launched a $25,000 Bug Bounty program aimed at maintaining robust defence against vulnerabilities.

    To prepare for the listing, CYBRO has focused on achieving key metrics, including expanding its community and enhancing product performance. Notably, the platform’s total value locked (TVL) has grown to $120,000, earning it a spot among the Top 50 apps on Blast. Plans are in place to break into the Top 30 and reach a TVL of $1 million. 

    Recent updates, such as the introduction of a streamlined “Hub” feature for improved navigation, demonstrate CYBRO’s emphasis on user experience.

    As CYBRO continues to develop new features and strategies, its entrance into the market positions it as a notable player in the rapidly evolving DeFi ecosystem.

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  • Tap Protocol delays TAP token distribution event

    Tap Protocol delays TAP token distribution event

    • Tap Protocol has delayed its TAP token launch date from October 21, 2024 to October 23, 2024.
    • TAP, with a total supply of 21 million, will go live on Bitcoin and Ethereum

    Tap Protocol, a decentralized finance platform on Bitcoin, has announced that its anticipated token distribution will now occur on October 23, 2024.

    The protocol has earlier announced the Token Generation Event (TGE) would be on Monday, October 21, 2024. However, it released an update early Monday noting that the TGE will now happen on Wednesday, October 23 at 12:00 UTC.

    Why the Tap Protocol TGE delay?

    According to the Bitcoin DeFi protocol, the postponement is meant to allow ecosystem partners such as bridges to be properly prepared for the potential surge in transactions.

    “Nobody likes delays, but unfortunately, we have to postpone our TGE to the 23rd of October at 12:00 UTC. While we understand the wait may be difficult, we want to ensure that our bridge and other products are in perfect condition to support the expected high volume of users,” Tap Protocol posted on X.

    TAP will be available on Bitcoin and Ethereum networks at launch, while the roadmap highlights token swap, marketplace and staking as key milestones.

    Notable about Tap Protocol is that the TAP token will have a fixed supply of 21 million tokens. The project uses the Ordinals system, with the aim being to advance the BTC ecosystem’s DeFi and dApps capabilities via various assets. It includes non-fungible tokens (NFTs).

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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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