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• SolvBTC.JUP offers Bitcoin holders an 8% annual yield through Solana’s DeFi ecosystem, using delta-neutral strategies.
• Solv Protocol simplifies Bitcoin staking with the Staking Abstraction Layer, unlocking new DeFi opportunities for Bitcoin holders.

With the launch of SolvBTC.JUP, Solv Protocol has significantly advanced the decentralized finance (DeFi) sector. JUP, a novel Liquid Staking Token (LST), directly includes Bitcoin into Solana’s active DeFi network.

SolvBTC.JUP lets Bitcoin holders create an 8% yearly return while keeping exposure to their BTC holdings, unlike traditional yield-bearing methods. Solv’s involvement in Solana’s Jupiter Exchange Liquidity Provider Pool, one of the main distributed exchanges on the Solana network well-known for its low costs and fast transaction rates, presents this potential.

Solv Protocol Launches SolvBTC.JUP, integrating BItcoin with Solana’s DeFi Yields Ecosystem. SolvBTC.JUP offers an 8% annual yield in Bitcoin. The underlying yield is from Solana DEX, Jupiter. Currently, SolvBTC.JUP TVL has surpassed  $13 million.SolvBTC.JUP is the fourth LST…

— Wu Blockchain (@WuBlockchain) October 17, 2024

Solv Protocol Enhances Bitcoin’s Programmability for Stable DeFi Yields 

SolvBTC.JUP is built on Solv’s Staking Abstraction Layer (SAL), a platform designed to enhance Bitcoin’s programmability for decentralized finance applications.

The yield is derived primarily from liquidity provision fees, making it a more stable and risk-adjusted method compared to speculative yield-bearing strategies often found in the DeFi space.

Solv Protocol guarantees that traders positions are hedged by using delta-neutral techniques, therefore greatly lowering the market volatility risks. And in the end, members of Solana’s DeFi ecosystem can profit from consistent, BTC-denominated returns while owning Bitcoin.

With its Total Value Locked (TVL) above $13 million, the product has already acquired popularity and shows increasing demand from Bitcoin owners looking to investigate fresh return prospects outside conventionally controlled systems.

This represents SolvBTC.JUP as the fourth LST product released by Solv, therefore attesting to its dedication to significantly integrating Bitcoin with other blockchain ecosystems.

Solv previously effectively applied a similar methodology on GMX, obtaining a steady 9.5% return for Arbitrum members, hence proving the potency of its method.

Furthermore, Avalanche, among other blockchains, has seen success with Solv Protocol’s ambition of bringing Bitcoin into different DeFi ecosystems.

Expanding liquidity options for Bitcoin holders is still the key emphasis since it guarantees their seamless movement across platforms free from the liquidity fragmentation that sometimes afflicters wrapped Bitcoin assets cause.

Beside that, CNF previously reported that Solv Protocol raised $11 million to advance its Staking Abstraction Layer, thereby streamlining Bitcoin staking and improving yield generation.

Solv enables a wider limitation of options by addressing Bitcoin’s natural limits in programmability, from staking to liquidity provision, therefore influencing the future of decentralized finance for Bitcoin owners.

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• A Cardano member has submitted a proposal to have all ADA stake pool operators migrate from centralised solutions like Google Cloud and Amazon’s AWS.
• The member says these solutions could exert undue pressure on the decentralisation of the token and instead want the funds directed to the operators’ wallets.

Cardano has been on a path to decentralisation, with recent upgrades paving the way for the original developers to hand over control to the people. However, it still relies on centralised solutions like Amazon Web Services (AWS) and Google Cloud. One Cardano member now wants these services pushed out to ensure that Cardano continues on its journey of decentralisation.

Community member Jerry Hall submitted the proposal this month, noting:

The issue is: First, the majority of computation for the network is handled by large corporations, rather than participants. Second, the transaction volume does not reflect the network’s potential.

He notes that one of Cardano’s main criticisms is that it lacks users and transaction volumes compared to its rivals. A spark is needed, and according to Hall, this can only happen if the dApps in the ecosystem have something to offer.

He proposes partnering with HyperAlliance, a firm developing in-home appliances specifically for AI computation. This is the same hardware configuration that the HyperCycle network relies on. Hall believes that “we can bring a very substantial amount of engagement and economic activity directly to the Cardano network participants, especially Cardano Home Portal owners.”

Once the stake pool operators plug in their Cardano Home Portals and go online, they will immediately start rerouting the funds that were previously going to Google, Amazon, Microsoft and others to their digital wallets. The proposer added:

Cardano is the most decentralized blockchain, but in order to create true decentralization, we need to make it easy for people to run their own Cardano node and help the API providers with their load to make querying operations sustainable.

Hall noted the irony of the crypto industry, where we feed the same monsters that we are fighting, which is centralisation.

Indeed, Cardano is leading the way in decentralisation. It’s currently in the Voltaire phase, which is the final era in its roadmap and is fully focused on decentralisation. It comes with an on-chain governance system where ADA holders have the power to determine the direction of the project and a treasury system where the community decides what to do with the funds.

ADA could greatly benefit from the proposal to skip centralised platforms. As outlined, it advocates for the funds that previously went to the likes of Amazon and Google to be rerouted to the ecosystem, boosting the funds available to the users and the stake pool operators. This would ultimately hand a massive boost to ADA.

ADA trades at $0.3469, dipping 2.5% in the past day to bring its gains over the past week to 3.55%.

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Data shows that deBridge is widely used to transfer funds between Ethereum, Arbitrum, Solana and Base, among other blockchains. Since April 2023, it has recorded over $3.3 billion in bridged volume between Solana and Ethereum networks alone, bagging the platform millions of dollars in revenues.

Prosecutors have asked the judge to go harder on Lichtenstein, however, who they argue spent months devising a scheme to gain access to Bitfinex’s systems and carry out his attack. They also point out that, while Lichtenstein has no official criminal history, he “experimented with other hacking and financial fraud activity” beginning as a juvenile. In 2016, before he hacked Bitfinex, Lichtenstein stole approximately $200,000 from another crypto exchange.

Until President Biden dropped out of the race in July, it seemed like Trump was the clear favorite within the crypto community. In the aftermath of the failed assassination attempt on July 12th, bitcoin jumped from $56,000 to $65,000, on the back of expectations that the former president would benefit from the incident. Trump’s view on crypto seems to have changed over the years. As president, he voiced skepticism over crypto, claiming that they could be used to facilitate illegal activities such as drug trafficking. He also mentioned at one point that he sees bitcoin as a currency competing against the dollar. In more recent times however, he wholeheartedly embraced crypto, pledging that he wants the U.S. to become a “bitcoin superpower” and the “crypto capital of the planet” under his leadership. His campaign has started accepting bitcoin donations. He also mentioned that he would replace SEC Commission Chair Gary Gensler, a notoriously disliked figure among crypto proponents. This pivot seems to have worked. Most of the crypto community is seemingly rallying behind Trump.

Almost 2,900 investors bought the token despite the site suffering numerous outages during its first hour, with over 344 million of the platform’s WLFI tokens sold to around 3,000 unique wallets in that period, as CoinDesk first reported. The project has since gained another 6,000 unique holders, Etherscan data shows.