A prominent Bitcoin staking platform has surged in protocol fees yesterday, securing its place among the top decentralized finance platforms.
On Sunday, Solv Protocol amassed $1.48 million in protocol fees, placing it in 6th position on DefiLlama’s list of top decentralized finance platforms.
This increase in activity saw Solv Protocol surpass both Solana, which generated $1.24 million, and Uniswap, which brought in $1.15 million in fees.
As a Bitcoin staking platform, Solv Protocol now boasts $1.4 billion in total value locked (TVL), the highest within the BTCFi ecosystem. The platform aims to tap into over $1 trillion worth of Bitcoin assets through its SolvBTC staking product.
The platform’s native token (SOLV) is set for release in the latter half of 2024.
DefiLlama also showed that Tether led the rankings with $13 million in fees over the same period, followed by Circle at $4 million.
Tether has announced the upcoming release of a documentary highlighting the role of its stablecoin, USDT, in combating inflation, coinciding with the company’s 10th anniversary.
A prominent finance expert anticipates a surge in global liquidity that could drive market growth. He predicts that major central banks, particularly the Federal Reserve, are preparing to inject significant liquidity into the financial system, spurred by concerns about the economy.
Telegram’s CEO recently hinted at a new feature allowing non-fungible token (NFT) conversions, coinciding with the launch of the platform’s new Gifts feature.
The cryptocurrency world has been buzzing recently following the announcement of a new series by HBO titled “Money Electric: The Bitcoin Story.”