MonkeDAO Becomes the First Decentralized Autonomous Organization (DAO) to Adopt a Bitcoin Reserve

MonkeDAO, a leading Solana-based NFT community, has made history by becoming the first DAO to adopt a Bitcoin reserve.

MonkeDAO, a premier Solana-based NFT community and Decentralized Autonomous Organization (DAO), has become the first DAO to adopt a Bitcoin reserve. The DAO has integrated 1 zBTC, a new token created by APOLLO, into its Strategic Monke Reserve (SMR).

MonkeDAO Treasury Adds Bitcoin

Announcing the move, MonkeDAO said that the SMR is their commitment to long-term growth. The addition of zBTC will diversify and strengthen their current pool of native assets.

MonkeDAO is the first DAO to adopt a Bitcoin Reserve in our treasury with $zBTCThe SMR is our commitment to long term growth and the addition of $zBTC diversifies & strengthens our current pool of native assets

Return to Permissionless Bitcoin pic.twitter.com/oxfO3rhzkN

— MonkeDAO (@MonkeDAO) March 28, 2024

zBTC is a 1:1 Bitcoin equivalent token and is native to Solana. It is an ERC-20 token that allows Bitcoin holders to participate in DeFi on the Solana network.

Unlike wrapped or bridged BTC, zBTC is a new token created by APOLLO. The token is designed to be a seamless integration of Bitcoin liquidity into the Solana ecosystem.

Earlier this year, a report by crypto analytics firm Glassnode revealed that Bitcoin (BTC) is now being used as collateral for more than $1.5 trillion in stablecoin and other cryptocurrency loans.

These loans are being facilitated by decentralized finance (DeFi) protocols, which are enabling new financial products and services to be built on top of Bitcoin.

DeFi protocols allow users to lend, borrow, and earn yield on-chain and do not require intermediaries for their operations.

MonkeDAO has included zBTC in the Strategic Monke Reserve (SMR), a treasury reserve plan that focuses on the sustainability of the project’s funds.

The project’s goal is to provide a "maximalist vision" for the future of Web3, aiming to build an ecosystem from the ground up for the Solana ecosystem.

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