Bitcoin (BTC) staking platform Solv Protocol is preparing to launch its native token, SOLV, on Hyperliquid, the layer-1 (L1) blockchain network specializing in spot and derivatives trading, Solv said on Dec. 19.
The listing will mark one of the first token launches on Hyperliquid’s spot exchange, which launched in May and lists approximately a dozen tokens as of Dec. 19.
Solv has secured a listing for its token, but the specific launch date has not yet been set, Solv told Cointelegraph. It did not immediately respond to a request for comment from Cointelegraph on the SOLV token’s utility or value-accrual mechanisms.
Source: Hyperliquid
Related: Solv to launch ‘onchain MicroStrategy’
Hyperliquid’s spot exchange
Hyperliquid, a high-performance L1 designed to offer a trading experience comparable to a centralized exchange (CEX), has attracted more than $2.5 billion in total value locked (TVL) since launching in May, according to data from DefiLlama.
It specializes in leveraged perpetuals trading but also supports approximately a dozen spot trading markets for tokens ranging from BTC to PENGU, the Pudgy Penguin non-fungible token (NFT) project’s newly launched native token.
Hyperliquid’s spot exchange limits new token listings to one every 31 hours. Tokens compete for slots through a permissionless auction process, and proceeds are routed to Hyperliquid’s liquidity pool.
Solv paid approximately $130,000 to secure the listing slot in Hyperliquid’s “Dutch auction” process, the project said.
Perpetual futures, or “perps,” are derivatives that let traders buy or sell an asset at a future date with no expiration.
Hyperliquid’s perps platform lets traders double down on positions for certain tokens with up to 50x leverage.
Source: DefiLlama
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 decentralized finance (DeFi) protocols, such as Jupiter and Ethena.
Solv currently oversees more than $3 billion in TVL, according to DefiLlama.
Solv Protocol is preparing to launch an “onchain MicroStrategy” to bring yield-bearing Bitcoin reserves to DeFi, said Solv co-founder Ryan Chow in November.
According to Chow, Solv aims to build a strategically managed “Bitcoin reserve that not only preserves wealth but generates yield and amplifies returns.”
Magazine: Meet the hackers who can help get your crypto life savings back