Solv Protocol Partners with Chainlink for SolvBTC Real-Time Pricing Verification
Solv Protocol has partnered with Chainlink to enhance the transparency of its liquid token, SolvBTC, for bitcoin (BTC) holders by integrating real-time verification of BTC reserves into its price feed. Key points include:
- The new SolvBTC-BTC Secure Exchange Rate feed combines exchange rate calculations with proof of reserves.
- This mechanism features built-in upper and lower bounds based on reserve data, improving resistance to manipulation.
- The feed is now live on the Ethereum mainnet, with plans for expansion to other chains.
- SolvBTC allows BTC holders to earn yield while maintaining exposure to BTC in DeFi ecosystems.
- Chainlink’s Proof of Reserve verifies that tokenized assets are backed by actual reserves.
- The integration aims to improve security standards for wrapped assets across DeFi.
Ryan Chow, Co-Founder and CEO of Solv, emphasized the evolution in DeFi security through this collaboration. Chainlink's Chief Business Officer highlighted the importance of combining real-time collateral verification with exchange rate logic for enhanced security.