Solv Protocol to Launch SOLV Token on the Hyperliquid Blockchain

YEREVAN (CoinChapter.com) — Solv Protocol is preparing to launch its native token, SOLV, on the Hyperliquid blockchain.

Solv Protocol, a platform known for its Bitcoin (BTC) staking services, is set to launch its native token, SOLV, on the Hyperliquid blockchain. The token listing was confirmed on Monday, making it one of the first tokens to join the platform.

According to a report by CoinChapter, Hyperliquid is a layer-1 (L1) blockchain network that specializes in spot and derivatives trading. The platform’s spot exchange, which has been operational since May, currently lists around a dozen tokens.

Solv has secured its listing on Hyperliquid, but the specific launch date for the SOLV token has not yet been announced. No details about the token’s use cases or mechanisms have been provided at this time.

Hyperliquid has attracted over $2.5 billion in total value locked (TVL) since its launch, as reported by DefiLlama. The blockchain aims to replicate the efficiency of centralized exchanges while operating within a decentralized framework.

The platform supports leveraged perpetuals trading and offers spot markets for tokens like BTC and PENGU, a native token of the Pudgy Penguin NFT project. To maintain exclusivity, Hyperliquid allows new token listings only once every 31 hours through a permissionless auction process. Proceeds from these auctions are funneled into the platform’s liquidity pool.

Solv secured its listing on Hyperliquid through this auction process, paying approximately $130,000 for the slot. Notably, the platform charges high fees for new token listings to generate revenue and maintain scarcity.

Solv Protocol Manages $3 Billion in Bitcoin StakingSolv Protocol currently manages over $3 billion in TVL across multiple blockchain networks. The platform generates yield through various strategies, including Bitcoin staking and engaging with Bitcoin layer-2 solutions like Babylon and CoreChain.

Solv also interacts with decentralized finance (DeFi) protocols such as Jupiter and Ethena. In November, co-founder Ryan Chow mentioned Solv’s plans to launch an “onchain MicroStrategy” initiative. This strategy aims to create yield-bearing Bitcoin reserves to preserve wealth while generating income through on-chain activities.