A Quick Look at Binance Megadrop’s Phase 3 Project - Solv Protocol (SOLV)
On December 30th, Binance announced that Binance Megadrop has launched its Phase 3 project - Solv Protocol (SOLV), a Bitcoin staking protocol dedicated to building a financial ecosystem centered around Bitcoin. Binance will list SOLV after the completion of Megadrop. The specific listing plan will be announced separately, so please stay tuned. The quota information and details of Web3 tasks for this Megadrop will also be released at that time.
Introduction to Binance Megadrop:
Binance Megadrop is a brand new token issuance platform that seamlessly integrates Binance’s earning products with the Binance Web3 wallet, redefining the airdrop experience. Through Megadrop, users can get an early start in selected Web3 projects that have not yet been officially launched on Binance.
I. Introduction to Solv Protocol Project
Solv Protocol is an on-chain Bitcoin reserve, aiming to unleash the full potential of Bitcoin assets worth over $1 trillion.
Through the Staking Abstraction Layer, SolvBTC, and SolvBTC.LSTs (liquid staking tokens), Solv enables retail and institutional investors to seamlessly integrate Bitcoin into the DeFi ecosystem, capturing diverse revenue opportunities without sacrificing liquidity. Solv Protocol has received support from well-known investment institutions such as Binance Labs, Blockchain Capital, Laser Digital, and OKX Ventures.
Operation Mode
Bitcoin has a market capitalization of approximately $1.3 trillion and is widely regarded as the cornerstone of digital assets. However, despite its dominant position, the proportion of Bitcoin actually involved in staking is extremely low. In contrast, nearly 28% of Ethereum’s supply is in a staked state, unleashing hundreds of billions of dollars in economic activity. If Bitcoin holders could stake some of their assets like Ethereum, an additional potential value of approximately $330 billion could be unlocked.
The Staking Abstraction Layer (SAL) is the core infrastructure of Solv Protocol. It abstracts the complexity of Bitcoin staking in multiple ecosystems, providing a unified operation interface for Bitcoin holders.
With the help of SAL, users can access various revenue strategies on different blockchains while holding SolvBTC, which represents the liquidity of Bitcoin.
By integrating with various DeFi platforms and ecosystems, SAL simplifies the process for Bitcoin holders to diversify their revenue strategies, allowing them to participate in staking and earn income while maintaining their exposure to Bitcoin.
A unified and standardized system is crucial for coordinating these roles and ensuring the transparency and security of the entire process - from the deposit of Bitcoin assets to the final inclusion of rewards in the value of LST tokens or the distribution of incentives to users. This coordination is essential for protecting users' assets and ensuring a smooth and risk-free income acquisition.
Solv Protocol has constructed a complete Bitcoin staking ecosystem. Through the integration of staking protocols, LST issuers, validators, and revenue distributors, it realizes seamless interaction between the Bitcoin mainnet and EVM-compatible chains, simplifying the staking implementation for users and developers. The staking protocol provides a source of income for staked Bitcoin. LST issuers issue liquid staking tokens to keep users' assets liquid during the staking period. Validators are responsible for verifying the legality and security of staking transactions. Revenue distributors are responsible for transparently distributing the income generated from staking to LST holders, providing users with a more convenient, secure, and attractive staking experience.
II. Project Team
Core Team
Ryan Chow: Co-founder. Graduated from Beijing Foreign Studies University. He was once a co-founder of Beijing Youzan Technology, dedicated to applying blockchain technology to the automotive industry database. In addition, he also worked as a financial analyst at Singularity Financial, researching blockchain technology integration and financial regulation.
Will Wang: Co-founder. He created the "ERC-3525: Semi-homogeneous Token Standard". He has worked in the financial IT field for 20 years and presided over the design and development of the world's largest bank accounting system based on open platforms and distributed technologies. He is the recipient of the "Outstanding Contribution Award for the 20th Anniversary of Zhongguancun".
Meng Yan: Co-founder. He once served as the vice president of CSDN. In addition, he is also an active KOL in the Crypto industry.
III. Token Economics
Token Name: Solv Protocol (SOLV)
Maximum Token Supply: 9,660,000,000 SOLV (may be increased through the BTC reserve fundraising plan decided by governance voting)
Total Genesis Token Supply: 8,400,000,000 SOLV (86.96% of the maximum token supply)
Megadrop Token Reward: 588,000,000 SOLV (7% of the total genesis token supply, 6.09% of the maximum token supply)
Initial Circulation at Binance Spot Listing: 1,482,600,000 SOLV (17.65% of the total genesis token supply, 15.35% of the maximum token supply)
