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Solv Protocol is set to launch its native token, SOLV, on Hyperliquid, a layer-1 blockchain focused on trading, marking one of the first token launches on its spot exchange. The specific launch date is yet to be announced, and Solv has invested approximately $130,000 for the listing slot through a Dutch auction process.Hyperliquid has garnered over $2.5 billion in total value locked since its May launch and specializes in leveraged trading. Solv, which manages over $3 billion in total value locked, offers Bitcoin staking across various blockchain networks and aims to create a yield-bearing Bitcoin reserve in DeFi.
BOB, a hybrid layer-2 network, has integrated with the $6 billion BTC restaking protocol Babylon to enhance Bitcoin's role in decentralized finance (DeFi). This partnership aims to provide "Bitcoin finality" for transactions, allowing assets from other chains to be verified on Bitcoin. Babylon, the leading Bitcoin staking project, recently increased its total staked BTC to 57,290, positioning itself among the top 10 protocols by total value locked. BOB plans to launch bridges to other networks using BitVM, with a testnet release expected in Q1 2025.
Babylon has successfully attracted $3.5 billion in staked Bitcoin for its native staking protocol, which aims to enable decentralized finance (DeFi) on the Bitcoin network without requiring trust in third parties. Co-founder Fisher Yu emphasized that this innovation allows users to maintain control over their Bitcoin while securing a new proof-of-stake blockchain. Despite the promise of trustlessness, Yu acknowledged that Bitcoin DeFi could face similar vulnerabilities as existing DeFi ecosystems, including potential hacks and exploits.
DeFi's total value locked (TVL) surged 150% in 2024, reaching $133.88 billion, approaching the 2021 peak of $170 billion. EigenLayer leads restaking with $17 billion TVL, while Lido dominates with nearly $40 billion. The rise of liquid restaking tokens and Bitcoin layer 2 networks significantly contribute to this growth.
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