Solv Protocol Teases Token Generation Event

Solv Protocol, a surging liquid staking protocol, revealed it will soon launch a token.

On Nov. 28, Solve tweeted that a SOLV token generation event will soon take place. Ryan Chow, the co-founder of Solv Protocol, said that the project will make SOLV’s tokenomics public “in the coming weeks.”

The news came two days after the protocol posted that Season 1 of its points campaign is still ongoing, and follows prolonged growth for Solv.

Bitcoin staking boom

Solv has recently enjoyed a surge in adoption alongside other staking protocols seeking to tap into Bitcoin’s nearly $2 trillion market cap.

Solv has enjoyed eye-watering growth since launching its Staking Abstraction layer in October, with its combined total value locked (TVL) more than tripling from $990 million on Oct. 10 to $3 billion today, according to DeFi Llama. Its TVL is also up 2,518% since kicking off its points program in April.

SolvBTC, a BTC-backed liquid staking token (LST) protocol, now boasts a TVL of $1.45 billion, according to DeFi Llama. SolvBTC LSTs, which facilitates access to the Babylon Bitcoin staking protocol, also ranks as the fourth-largest protocol within the Bitcoin ecosystem with $663.9 million.

Chow noted that Solv’s Bitcoin Reserve currently holds 25,000 BTC, a greater sum of Bitcoin than is held by all but six spot Bitcoin exchange-traded funds, five private or public companies, and four national governments.

However, Babylon is by far the largest Bitcoin staking protocol, currently boasting a TVL of $2.28 billion. As Babylon’s rollout progresses, the protocol will allow Proof of Stake networks to leverage its Bitcoin staking ecosystem for security.