Bitcoin Staking Platform Surpasses Solana and Uniswap in Revenue

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.

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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.

Kosta Gushterov

Kosta has been working in the crypto industry for over 4 years. He strives to present different perspectives on a given topic and enjoys the sector for its transparency and dynamism. In his work, he focuses on balanced coverage of events and developments in the crypto space, providing information to his readers from a neutral perspective.