The collapse of FTX triggered a mass exodus of institutional investors, causing a rapid decline in the value of the Solana network. Along with the decrease in TVL, the token price also plummeted. Although SOL Coin is far from its former glory, significant developments continue to take place on the network. Today, we witnessed the latest of these developments as a crucial announcement was made for the Solana network just a few minutes ago.
tBTC on Solana Network
Today, it was announced that tBTC has been introduced to the Solana network. Following the announcement made a few minutes ago, investors in the Solana ecosystem can now directly hold BTC on the network. Wrapped tokens such as WBTC and STETH enable the transfer of the underlying assets to different networks. tBTC, Solana’s first decentralized, permissionless, and scalable tokenized Bitcoin, offers numerous opportunities for Bitcoin investors. This milestone expands the horizons of crypto enthusiasts by integrating the strong features of Solana and tBTC, combining the robust world of Bitcoin with Solana’s scalable infrastructure.
Earlier this year, tBTC took action to fill the gap between Bitcoin and DeFi. As a result of Threshold DAO’s efforts, integration with important platforms such as Curve DAO, YearnFinance, Synthetix, and many others became possible.
The team wrote the following in their announcement:
“The Solana launch marks tBTC’s first collaboration with a non-Ethereum Virtual Machine (EVM) network and is a significant achievement in addition to the five integrations it has made since May. This Solana integration became possible through a strategic alliance with the cross-chain communication protocol Wormhole, which is touted as a gateway to unlock liquidity for BTC investors in the DeFi space.”
Ben Sparango, Business Development Manager at Solana Foundation, said:
“It’s particularly exciting to have tBTC join the Solana ecosystem.”
At the time of writing this article, the price of SOL Coin is trading at $24.79, experiencing an increase of over 1.35% daily.
