Summary
This is a proposal to launch a new Turbo&Stable fund for SolvBTC.BBN on BNB Chain.
Project Description:
What is SolvBTC.BBN:
SolvBTC.BBN is a liquid staking token (LST) that users receive by staking Bitcoin through Solv Protocol in the Babylon ecosystem. SolvBTC.BBN enables holders to earn staking yield while maintaining the flexibility to use their staked assets in DeFi.
Fund Specifications:
Underlying Asset: SolvBTC.BBN
Chain: BNB Chain
Multiplier: 12 (SolvBTC.BBN in LP will receive 12X points, Turbo will receive 120X)
Interest rate for Stable: 8%
Duration: Two months
Protocols: The underlying is generated based on two protocols: Solv, Babylon
Motivation:
SolvBTC.BBN (SolvBTC Babylon) has garnered massive interest in the past four weeks, raising 2,000 BTC in four rounds at record speed.
Tranchess, as one of the first protocols to explore BTCFi on BNB Chain, would like to explore the liquid staking potential of Bitcoin while bringing additional yield and benefits for our users and veCHESS holders. Launching a Bitcoin liquid staking token fund is for us to show support to the BTCFi narrative.
If this proposal is approved, we would not launch a Season 2 for the current SolvBTC fund post its maturity date.
References/Useful links:
Website: https://solv.finance/, https://babylonlabs.io/, Solv App – Decentralized Liquidity Infrastructure
Documentation: Babylon litepaper
Audit: https://github.com/solv-finance/Audit,
More on SolvBTC.BBN:
Intro to Babylon:
The Role of SolvBTC.BBN in Babylon
How Does SolvBTC.BBN Bring In Additional Yield For Users?
Unifying SolvBTC.BBN’s Liquidity Across All Chains
Snapshot voting will be up till 24:00 UTC, Sep. 1, 2024. All veCHESS on BNB Chain and Ethereum when the Snapshot voting starts will be eligible to vote.