Solv Protocol, a financial service provider for Bitcoin Holders have established a partnership with Oracle Network decentralized ChainLink to integrate real -time verification of real BTC reserves from SOLV supporting its liquid token, SolvBTC, directly in its price diet. This integration improves transparency and establishes greater confidence for users.
Unlike traditional price flows that are based solely on market data, the new SOLVBTC-BTC exchange rate flow combines exchange rate calculations with real-time evidence of reserves, offering a chain buyout rate firmly anchored in verifiable guarantees.
In addition, the mechanism has higher and lower limits integrated according to reserve data, which makes it resistant to handling and safer for use on decentralized loan markets such as AAVE.
“We are delighted to work with Chainlink to launch a secure exchange rate flow. This marks a major evolution of DEFI security, allowing protocols more specifically the priced assets by taking advantage of the reproductive buyout rates in verifiable guarantees, propelled by the shared press standard with Cooddesk, co-founder and CEO of Solv, in a press release Coinsk.
The SolVBTC-BTC exchange rate flow is now live on the Ethereum Mainnet, with plans to extend to other channels, including Bob.
SOLVBTC, launched in April 2024, is a liquid token supported by Bitcoin which allows BTC holders to participate in a decentralized finance (Challenge) Ecosystems and gain performance while maintaining the exposure to the BTC. Users can deposit BTC and Mint SolvbTC, a liquid representation of the marked BTC, usable on various DEFI protocols, including chests, decentralized exchanges (Dex)and loan platforms.
The proof of reserve of Chainlink (Por) Use its decentralized oracle network to verify that the chain supply of tokenized assets, such as stablescoins or wrapped assets, is entirely supported by the real reserves of the chain or on other blockchains.
With billions of dollars in wrapped active ingredients circulating in DEFI, transparent and reliable pricing mechanisms are increasingly critical. By combining POR with price food at the top of existing transverse interoperability from ChainLink via CCIP, the SOLV allows wrapped active ingredients to operate safely in the form of a warranty on several blockchains.
Johann Eid, Chainlink Labs business director, summed it up well: “By combining the verification of guarantees in real time with the logic of exchange rates, this solution offers a redemption rate rooted in cryptographic truth, increasing the safety standard for assets wrapped through Defi.”
