Solv protocol to launch token on Hyperliquid for $130000

Bitcoin (CRYPTO:BTC) staking platform Solv Protocol has announced plans to launch its native token, SOLV, on Hyperliquid, a layer-1 blockchain focused on trading.

The announcement, made on December 19, reveals that Solv will be among the first projects listed on Hyperliquid’s spot exchange, though the launch date remains undisclosed.

Hyperliquid, launched in May 2024, offers spot and derivatives trading for approximately a dozen tokens.

The platform employs a Dutch auction mechanism for new token listings, with Solv securing its position by paying $130,000 during the auction.

Proceeds from these auctions are funneled into Hyperliquid’s liquidity pool.

The exchange restricts new token listings to one every 31 hours and supports leveraged perpetual contracts with up to 50x leverage.

Since its inception, Hyperliquid has accumulated over $2.5 billion in total value locked (TVL), according to DefiLlama.

Solv Protocol currently manages over $3 billion in TVL and specialises in staking Bitcoin across various blockchain networks.

It stakes BTC on Bitcoin layer-2 networks such as Babylon and CoreChain and uses DeFi protocols, including Jupiter (CRYPTO:JUP) and Ethena (CRYPTO:ENA), to maximise yields.

“Solv aims to build a strategically managed Bitcoin reserve that not only preserves wealth but generates yield and amplifies returns,” Solv co-founder Ryan Chow shared the platform’s vision.