Solv xSolvBTC
Overview
Status
Deposits Live
Type
Liquid Staking
BTC Supply
₿0
xSolvBTC offer a mechanism that enables users to deposit SolvBTC into smart contracts on EVM-based chains. Users receive a token representing BTC deposited on Babylon in exchange for their wrapped BTC token.
BTC Supply
Total supply per day
Supplycoming soon
TVL Data Coming Soon
We're currently gathering and building data infrastructure for this network. TVL analytics will be available soon.
Token Contracts
Token Contracts Coming Soon
We're working to collect the various BTC-backed token contracts for this network. Contract addresses will be available soon.
Risk Summary
Users do not have unilateral claims on native BTC.
BTC backing this asset is secured by multiple custodians. Users trust this group with maintaining the peg with BTC.
Asset represents staked BTC
This asset represents BTC staked in a staking protocol. If the corresponding BTC is slashed, users' balances could be affected.
Assessment
Asset Custody
Bitcoin assets used to back xSolvBTC are custodied by institutional providers
Four entities custody the bitcoin assets backing xSolvBTC tokens. These entities are Cobo, Ceffu, Fireblocks and the Solv Guard. These entities are known as Guardians in the Solv application. Ceffu and Cobo are the custodians for funds that are staked with Babylon.
Supply Issuance
Minting of SolvBTC is managed by a permissioned group of entities
Minting permissions are handled by three distinct entities in xSolvBTC. In each implementation, the SolvBTCMultiAsset pool has minting capabilities and is the only entity with burning capabilities. An implementation of Chainlink CCIP on each chain enables cross-chain minting of xSolvBTC tokens. Additionally, an AtomicMintContract on each chain has minting permissions.
xSolvBTC discloses all contract owner addresses in its documentation. The 0x0c2…5b7D address can grant, and revoke, minting authority for all implementations of xSolvBTC tokens.
xSolvBTC discloses all contract owner addresses in its documentation. The 0x0c2…5b7D address can grant, and revoke, minting authority for all implementations of xSolvBTC tokens.
Censorship Resistance
No blacklist function currently implemented
Implementations of the token do not have a blacklist or pause function.
Governance
A centralized party can upgrade contracts
The token contracts’ various deployments are unilaterally owned by an address controlled by an owner. This owner can unilaterally upgrade contracts. The signing threshold is ⅗.
Protocol Transparency
The protocol does not provide a public proof-of-reserve
The project has not published a Proof-of-Reserves. Users trust that the custodians holding native BTC backing the derivative asset to have ample reserves.
External operators are not disclosed
Operators of the protocol have been disclosed.
Redemptions enabled
Redemptions are enabled. The project has not disclosed how redemptions are processed in their documentation.
Contracts are open-source and verified
Contracts related to the project are source viewable and verified.
The project does not provide stake attestations
The project does not provide any attestations that its BTC is in-fact staked onto Babylon.
Additional Considerations
Babylon is not live.
The Babylon blockchain is not live. Only deposits are being processed.
Knowledge Bits
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