Solv Protocol to Migrate $700M in Tokenized Bitcoin From LayerZero to Chainlink
DeFi platform Solv Protocol has announced a phased move away from LayerZero infrastructure in favor of Chainlink’s CCIP (Cross-Chain Interoperability Protocol) solution. The migration will affect tokenized bitcoin assets SolvBTC and xSolvBTC worth more than $700 million.
➤ Solv Protocol is migrating over $700 million in tokenized Bitcoin (SolvBTC and xSolvBTC) from LayerZero to Chainlink's CCIP due to security concerns. ➤ The decision was influenced by a recent $293 million hack involving Kelp DAO, which also utilized LayerZero infrastructure. ➤ Solv Protocol cited Chainlink CCIP's robust security features, including risk management and proactive monitoring, as key advantages for cross-chain interoperability.
