Solv Protocol is transferring over $700 million in tokenized Bitcoin assets to Chainlink's Cross-Chain Interoperability Protocol (CCIP), discontinuing support for the LayerZero bridge across several networks. This migration involves SolvBTC and xSolvBTC, Solv's wrapped Bitcoin assets used in DeFi and BTCfi markets. The decision follows a security review and recent cross-chain hacks, with Solv opting for CCIP as its standard bridge infrastructure.
This move comes after Kelp DAO's similar transition to Chainlink following an exploit that drained $292 million from its LayerZero-powered bridge. The incident has sparked a debate over verifier configurations, with LayerZero and Kelp trading blame. Solv's migration marks another significant shift towards Chainlink's infrastructure, with both Kelp and Solv moving assets worth over $2 billion. Chainlink's Chief Business Officer, Johann Eid, highlighted the industry's trend towards more secure and decentralized cross-chain solutions.
Solv Protocol Migrates $700M in Tokenized Bitcoin to Chainlink's CCIP
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