As a seasoned researcher with a knack for deciphering the intricacies of the crypto world, I find this news about Solv Protocol’s upcoming SOLV token launch on Hyperliquid quite intriguing. Having closely followed both projects, it’s clear that this collaboration could potentially bring some exciting developments to the table.
The decentralized Bitcoin (BTC) staking platform, Solv Protocol, is set to debut its own token, SOLV, on Hyperliquid – a specialized layer-1 blockchain network for both spot and derivative trades. This announcement was made by Solv on December 19th.
On Hyperliquid’s spot exchange, which started operating in May, the upcoming listing is set to be one of the initial token launches. As of December 19th, around a dozen tokens are already listed on the platform.
Solv’s token is now listed, however, the exact release date remains undetermined as per their communication with CryptoMoon. Regarding the functionality and means of value accumulation for the SOLV token, they did not provide an immediate response to our query from CryptoMoon.
Hyperliquid’s spot exchange
Hyperliquid, an advanced Level 1 platform built for a trading experience similar to traditional exchanges, has amassed over $2.5 billion in combined value tied up (Total Value Locked or TVL) since its debut in May, as per statistics from DefiLlama.
This platform primarily focuses on perpetual trading with leverage, but it also offers about a dozen marketplaces for spot trading various tokens, including Bitcoin and the recently introduced token from the Pudgy Penguin NFT project called PENGU.
On Hyperliquid’s platform, a single new token listing is allowed every approximately 31 hours. These tokens vie for available slots through a decentralized bidding system, with the funds generated going towards the platform’s liquidity pool.
Solv paid approximately $130,000 to secure the listing slot in Hyperliquid’s “dutch auction” process, the project said.
Everlasting futures, often referred to as “perennials” or simply “perps,” enable traders to either purchase or sell an asset at a later date without any specific expiration.
On the Hyperliquid platform, traders can boost their holdings for selected tokens by as much as 50 times using a feature known as “persistent positions.
Solv Bitcoin staking
Solv is a Bitcoin staking platform offering numerous yield strategies across over half a dozen blockchain networks.
It generates yield by staking BTC to Bitcoin layer-2s, including Babylon and CoreChain, as well as DeFi protocols, such as Jupiter and Ethena.
Solv currently oversees more than $3 billion in TVL, according to DefiLlama.
Solv Protocol is planning to debut an “on-chain equivalent of MicroStrategy” aimed at transferring Bitcoin reserves that generate returns to the world of Decentralized Finance (DeFi), as stated by Solv’s co-founder, Ryan Chow, in November.
As stated by Chow, the goal of Solv is to construct a well-administered “Bitcoin savings account,” which not only safeguards wealth but also produces income and boosts profits.
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2024-12-19 22:29