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