Binance-backed Bitcoin staking platform Solv Protocol has introduced the SolvBTC.BERA vault as it aims to unlock the market for generating returns on Berachain.
Solv protocol announced SolvBTC.BERA on January 13, noting that the deposit vault integrates Bitcoin (BTC) holders into Berachain’s decentralized financial ecosystem. The protocol aims to provide new yield generation opportunities for Bitcoin holders on Berachain, an Ethereum Virtual Machine-compatible blockchain that uses a proof-of-liquidity consensus mechanism.
Users can earn returns on their assets by depositing Bitcoin or Bitcoin equivalent assets such as SolvBTC, SolvBTC.BBN, wrapped Bitcoin or Coinbase wrapped Bitcoin into the SolvBTC.BERA vault. The launch opens up multi-layered revenue generation strategies within the Berachain ecosystem.
To attract early adopters, Solv Protocol launched the Boyco pre-deposit campaign, an incentive program that will reward early participants at launch.
Users will see their assets deployed at seven different tiers of returns. It includes Solv Season 2, Babylon, Berachain rewards, Kodiak, Dolomite and Goldilocks. Kodiak is a liquidity hub on Berachain, while Dolomite is a decentralized money market fund and DEX platform.
Notably, funds deposited into SolvBTC.BERA will be subject to a 90-day lock-up period from the launch of the Berachain mainnet.
Berachain’s ecosystem uses a tri-token model, with BERA the native gas token and HONEY the native stablecoin.
The stablecoin issuance fees go to BGT holders – BGT is Berachain’s main reward and governance token. BERA and HONEY tokens are both tradable. However, BGT is an illiquid and non-transferable token.
