Bitcoin DeFi project Solve Protocol has secured its slot on the Hyperliqiuad exchange to list its native token SOLV on the well-reputed decentralized trading platform. Hyperliquid is a high-performance layer-1 blockchain designed for trading and spot markets.
Hyperliquid auctions listing positions
Hyperliquid features a Dutch auction strategy in which the proceeds are directed to its liquidity pool. Similarly, Solve Protocol secured the position for its native token listing by paying $130,000 in the auction. Still, the DeFi protocol won its place in a relatively low bid compared to the starting bids of around $2 million.
The high-performance trading platform currently trades only a dozen tokens, positioning SOLV among the first tokens trading on Hyperliquid. The exchange offers both leveraged perpetual futures with over 50X leverage and spot markets that feature tokens like BTC and PENGU.
Hyperliquid has maintained its exclusivity and demand by limiting the listing of one token to every 31 hours. Similarly, the annual count of listings caps at 282 counts. Since its launch in May 2024, the platform has accumulated $2.3 billion in total value locked (TVL).
Solv Protocol behind the $1 trillion Bitcoin market
In contrast, Solv Protocol currently handles $3 billion in TVL, with its reserves surpassing 25,000 Bitcoin. The DeFi firm specializes in Bitcoin staking over layer2 solutions such as CoreChain and Babylon. Moreover, it also deals in decentralized finance protocols as in Ethena and Jupiter.
SolvBTC and SolvBTC.LSTs are among the major products the firm offers while simultaneously providing yield opportunities and preserving liquidity. Solv Protocol’s co-founder Ryan Chow defines the DeFi project’s core goal as producing returns and preserving wealth by strategically managing the Bitcoin reserve.
Solv protocol’s mission to funnel Bitcoin into DeFi ecosystems posed it among major players behind the $1 trillion Bitcoin market. Mainly, big industry players like Binance Labs, OKX Ventures, Blockchain Capital and Laser Digital back the DeFi protocol.
Currently ranked among the top perpetual exchanges on DeFiLlama, Hyperlink has listed community-launched tokens so far. Similarly, the latest listing marks the platform’s shift to the VC-backed project and supports its goal to challenge centralized exchanges like Binance.
