Summary
This is a proposal to launch a second 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: 14
Interest rate: 12%
Duration: three months
Protocols: The underlying is generated based on two protocols: Solv, Babylon
Motivation:
SolvBTC.BBN (SolvBTC Babylon) has garnered massive interest since its initial launch and now has a TVL of over 900 Mil.
As part of our continuous endeavor to support the BTCFi narrative and explore Bitcoin’s liquid staking potential while bringing additional yield and benefits for our users and veCHESS holders, we propose to launch the second Turbo & Stable fund for SolvBTC.BBN.
References/Useful links:
Website: https://solv.finance/, https://babylonlabs.io/, Solv App - Leading Bitcoin Staking Platform
Documentation: Babylon litepaper
Audit: https://github.com/solv-finance/Audit,
More on SolvBTC.BBN:
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 open until 14:00 UTC, Dec. 2, 2024. When the voting starts, all veCHESS on BNB Chain and Ethereum will be eligible for voting.