#tokenized-bitcoin

[rwatimes]

Solv Protocol to Migrate $700M in Tokenized Bitcoin From LayerZero to Chainlink

DeFi platform Solv Protocol has announced a phased move away from LayerZero infrastructure in favor of Chainlink’s CCIP (Cross-Chain Interoperability Protocol) solution. The migration will affect tokenized bitcoin assets SolvBTC and xSolvBTC worth more than $700 million.

➤ Solv Protocol is migrating over $700 million in tokenized Bitcoin (SolvBTC and xSolvBTC) from LayerZero to Chainlink's CCIP due to security concerns. ➤ The decision was influenced by a recent $293 million hack involving Kelp DAO, which also utilized LayerZero infrastructure. ➤ Solv Protocol cited Chainlink CCIP's robust security features, including risk management and proactive monitoring, as key advantages for cross-chain interoperability.

[rwatimes]

Solv Protocol Moves $700M Tokenized BTC Infrastructure to Chainlink CCIP

Solv Protocol has migrated from LayerZero to Chainlink CCIP as its official cross-chain infrastructure supporting more than $700 million in tokenized

➤ Solv Protocol has migrated its $700M+ tokenized Bitcoin infrastructure from LayerZero to Chainlink CCIP, prioritizing security and interoperability. ➤ This move highlights the critical role of secure cross-chain communication in the expanding tokenized asset economy and the competitive landscape of blockchain infrastructure. ➤ The adoption of Chainlink CCIP by a significant player like Solv Protocol underscores the growing institutional interest in tokenized assets and the evolution of Bitcoin's role in DeFi (BTCFi).

[rwatimes]

Solv Protocol Moves $700M in Tokenized Bitcoin to Chainlink CCIP, Drops LayerZero Bridge

Solv Protocol moves over $700M in tokenized BTC to Chainlink CCIP, phasing out LayerZero bridge support after security review. Impact on cross-chain interoperability.

➤ Solv Protocol is migrating over $700 million in tokenized Bitcoin to Chainlink CCIP, discontinuing support for LayerZero bridges due to security concerns. ➤ This move is driven by a security review following recent cross-chain bridge exploits, with Chainlink CCIP's decentralized oracle network cited as a key factor. ➤ The migration signifies a growing emphasis on robust cross-chain infrastructure and may influence other protocols to adopt CCIP for high-value asset transfers.

[rwatimes]

Solv Protocol Moves Tokenized Bitcoin Infrastructure to Chainlink CCIP - Crypto Economy

Solv Protocol will migrate over $700 million in tokenized bitcoin from LayerZero to Chainlink's CCIP protocol following a security review.

➤ Solv Protocol is migrating over $700 million in tokenized Bitcoin from LayerZero to Chainlink's CCIP due to security concerns following the Kelp DAO exploit. ➤ This move, alongside Kelp DAO's similar migration, represents a significant shift of assets towards more robust cross-chain infrastructure. ➤ The incident highlights growing market demand for secure and reliable cross-chain solutions, with Chainlink emerging as a preferred provider.