Even though it is only in its pilot phase, SolvBTC.JUP offers Bitcoin holders a way to generate returns, paid in Bitcoin (BTC), by participating

Cryptocurrency protocol Solv Protocol has introduced a new Liquid Staking Token dubbed ‘SolvBTC.JUP’, which enables Bitcoin (CRYPTO: BTC) holders to generate returns through Solana’s decentralized finance ecosystem.

SolvBTC.JUP is currently in its pilot phase and offers Bitcoin holders a way to generate returns, paid in BTC, by participating in Solana’s Jupiter Exchange, according to a press release shared with crypto.news.

Bitcoin is deposited into Solv Protocol and, in exchange, users receive SolvBTC.JUP, which represents their staked Bitcoin. This token accrues yield over time based on Solv’s involvement in the Jupiter Liquidity Provider Pool.

The Jupiter Exchange is a platform for decentralized perpetual trading that allows liquidity providers to earn fees based on trading activity. Solv’s strategy minimizes risks by hedging exposure to market movements while maintaining the Bitcoin stake.

For Bitcoin holders who are new to the world of decentralized finance (DeFi), staking refers to the process of temporarily locking up tokens to support a network or participate in a trading pool. In return, the staked tokens earn rewards, which are often in the form of the same token.

SolvBTC.JUP enables Bitcoin owners to participate in this system on the Solana network without giving up their Bitcoin exposure. With an expected return of 12%, per the press release, SolvBTC.JUP builds on Solv’s previous success in offering Bitcoin staking on other platforms.

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