Analyst Sets $220,000 Minimum Price Target For Bitcoin, But How Will It Get There?
Analyst sees Bitcoin hitting $220,000, citing bullish Cup and Handle pattern.
NewsBTC1 min read
Solv Protocol Will Dump LayerZero, Migrate $700M Tokenized Bitcoin Tech to Chainlink
TL;DR
Solv Protocol is migrating over $700 million in tokenized Bitcoin infrastructure from LayerZero to Chainlink CCIP due to security concerns following a $292 million exploit. This move highlights increasing scrutiny on cross-chain bridge security in DeFi.
Key points
- Solv Protocol is migrating to Chainlink CCIP
- More than $700 million in tokenized Bitcoin infrastructure involved
- Migration follows the $292 million KelpDAO exploit
- Growing scrutiny on cross-chain bridge security
- LayerZero bridge support will be deprecated for several platforms
Solv ProtocolLayerZeroChainlinkKelpDAO
In brief
- Solv Protocol is migrating more than $700 million in tokenized Bitcoin infrastructure from LayerZero to Chainlink CCIP.
- The move follows the $292 million KelpDAO exploit tied to LayerZero-powered bridge infrastructure.
- The migration adds to growing scrutiny around cross-chain bridge security in DeFi.
Another crypto project is leaving blockchain interoperability protocol LayerZero after the fallout from the $292 million Kelp DAO exploit intensified scrutiny around cross-chain bridge security.
In an announcement Thursday, Solv Protocol said it is migrating the infrastructure that powers more than $700 million in tokenized Bitcoin from LayerZero to Chainlink’s Cross-Chain Interoperability Protocol (CCIP), following what it described as a broader security review of cross-chain systems.
The protocol said it is deprecating LayerZero bridge support for Corn, Berachain, Rootstock, and TAC while standardizing its infrastructure around Chainlink’s CCIP.
“Security is the foundation of everything we build at Solv, and our migration to Chainlink CCIP reinforces that commitment at the highest level,” Solv Protocol Chief Technology Officer Will Wang said in a statement. “By fully securing SolvBTC and xSolvBTC cross-chain transfers with CCIP, we are providing users the highest assurance that proven, defense-in-depth infrastructure secures all cross-chain transfers.”
According to Wang, the migration positions Solv to scale with “the reliability and institutional-grade security assurance the market demands.”
Launched in 2021 on the Ethereum network, Solv Protocol is a DeFi platform built around SolvBTC—a token tied to the value of Bitcoin—that lets users deploy wrapped BTC and other Bitcoin-based assets across multiple blockchains to earn yield.
The move comes weeks after attackers drained roughly $292 million from infrastructure tied to Kelp DAO, a DeFi protocol that used LayerZero’s bridge technology. Solv did not directly mention Kelp DAO in its announcement, instead referring broadly to “recent cross-chain hacks observed in the industry” alongside an extensive security review.
Q&A
Why is Solv Protocol migrating from LayerZero to Chainlink?
Solv Protocol is migrating due to security concerns following the $292 million KelpDAO exploit associated with LayerZero.
What is the value of the tokenized Bitcoin infrastructure being migrated?
The migration involves more than $700 million in tokenized Bitcoin infrastructure.
What security issues are affecting cross-chain bridges in DeFi?
The recent KelpDAO exploit has intensified scrutiny around the security of cross-chain bridge systems in the DeFi space.
Which platforms will lose LayerZero bridge support due to this migration?
LayerZero bridge support will be deprecated for Corn, Berachain, Rootstock, and TAC as part of the migration.
