- Bitcoin staking platform Solv Protocol has raised $11 million from Nomura subsidiary Laser Digital, Blockchain Capital and OKX Ventures.Various Bitcoin staking platforms and protocols have emerged in recent years aiming to tap the potential of the hundreds of billions of dollars worth of capital held in BTC by putting it to work on other networks.
Over the past few years, numerous Bitcoin yield farming platforms and strategies have arisen with the intention of utilizing the massive financial resources tied up in Bitcoins, channeling them towards other blockchain networks for productive purposes.
Staking involves putting forward your digital assets to aid in the functioning of a blockchain system and receive compensation, often in the form of returns or yields. This can be likened to earning interest on money kept in a savings account at a bank.
A Bitcoin staking platform called Babylon has attracted more than $1.5 billion in staked Bitcoins across two funding rounds that took less than 2.5 hours each, showcasing a significant appetite for these types of services. However, it’s worth noting that other staking platforms on Ethereum, like Lido and EigenLayer, have much larger amounts of collateral at $23.7 billion (Lido) and $10.9 billion (EigenLayer) respectively.
In a recent statement, Solv’s co-founder Ryan Chow noted that with a market capitalization exceeding $1.2 trillion, Bitcoin presents significant potential for growth. He further pointed out that Bitcoin’s staking rate is currently significantly lower than Ethereum’s 28%. If Bitcoin were to reach comparable staking levels, it could potentially unleash approximately $330 billion in value.
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2024-10-14 15:21