Bitcoin staking platform Solv Protocol has raised $11 million from Nomura subsidiary Laser Digital, along with Blockchain Capital and OKX Ventures.

Overview of the Staking Protocol

Solv Protocol's SolvBTC product has over 20,000 BTC staked (valued at $1.3 billion) across ten leading blockchain networks, as announced on Monday.

Various Bitcoin staking platforms have surfaced recently, looking to utilize the large amounts of capital held in BTC by employing it across different networks. Staking involves offering assets to aid in the operation of a blockchain network, earning rewards such as yield, akin to receiving interest on a bank balance.

Another Bitcoin staking platform named Babylon has secured more than $1.5 billion in staked BTC during two funding rounds in just over two and a half hours, showcasing prevalent demand for these types of services. However, this still trails behind established Ethereum staking platforms like Lido ($23.7 billion) or EigenLayer ($10.9 billion).

"With a market cap over $1.2 trillion, bitcoin holds huge opportunities for growth," said Solv's co-founder Ryan Chow. "Its staking rate lags far behind Ethereum’s 28%. If Bitcoin reached similar staking levels, it could unlock $330 billion in value."

For further details, you can read more about Bitcoin Rollup Citrea.