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Project Overview
Solv is a Decentralized Bitcoin Staking Protocol to unlock the full potential of Bitcoin assets through a liquidity consensus infrastructure. By addressing the fragmentation of BTC assets, yield opportunities, and custody solutions, Solv offers Bitcoin holders a gateway to BTCFi, continuously builds pathways and confidence for traditional funds to enter the crypto world.
About 50 BTC Unable to Be Redeemed, User Claims Their Address Remains Restricted After Solv Protocol Restored Functionality
according to monitoring by neil lee (@neillee99), they claim to have withdrawn approximately 50 BTC from Binance on July 8, converted it into SolvBTC and BTC+ to earn approximately 3% annualized yield, after which BTC+ minting and redemption functionality was suspended. On July 22, Solv Protocol publicly disclosed the related security incident and stated that assets were not affected; on July 31, the project team said functionality had been restored, but their address remained restricted, and approximately 50 BTC still cannot be redeemed to this day. They claim to have submitted proof of fund sources and wallet control, and called on Binance and investors to pay attention.
Lombard Gradually Phasing Out LayerZero, Plans to Migrate Over $1 Billion in BTC Collateral Assets to Chainlink
following the $292 million exploit of Kelp DAO's LayerZero bridge, the security of cross-chain infrastructure has once again come under scrutiny. DeFi protocols Kelp DAO, Solv Protocol, Re, and crypto exchange Kraken have all taken similar migration measures, with the total value of this outflow reaching approximately $4 billion.Decentralized finance protocol Lombard has become the latest project to join the migration wave, announcing a gradual phase-out of LayerZero and the migration of over $1 billion in Bitcoin collateral assets to Chainlink's Cross-Chain Interoperability Protocol (CCIP). Bitcoin-related tokens issued by Lombard include LBTC and BTC.b. It is reported that Lombard's initial migration assets cover the Solana, Etherlink, Berachain, Corn, and TAC chains, while the use of LayerZero on Morph and Swell will also be terminated. As of now, LayerZero has not responded to requests for comment. (CoinDesk)
Solv Abandons LayerZero, Migrates $700M in Tokenized Bitcoin Assets to Chainlink CCIP
Solv Protocol has announced the migration of over $700 million in tokenized Bitcoin assets to Chainlink's cross-chain protocol CCIP, and will gradually phase out LayerZero's bridging support across multiple chains. The migration involves core assets such as SolvBTC and xSolvBTC. Solv stated that the decision is based on the latest security reviews and recent cross-chain security incidents, and CCIP will become its standard cross-chain infrastructure. This move follows Kelp DAO's migration of approximately $290 million in assets to Chainlink, further strengthening the trend of "cross-chain infrastructure shifting toward security-first migration." (CoinDesk)
Neil Lee, a 50 BTC holder subject to redemption restrictions, responds to Solv Protocol: Willing to resolve the dispute through formal legal proceedings.
In response to Solv Protocol’s statement addressing the recent BTC and single withdrawal dispute, Neil Lee, a user previously restricted from withdrawing approximately 50 BTC, responded in a post stating his strong willingness to resolve the dispute through formal legal proceedings. Given that Solv Protocol has proposed resolving the matter via judicial channels, he raises no objections. He requests that the project officially provide the full legal name, place of registration, registered address, and contact information for receiving legal documents of the legal entity responsible for the project's operations and establishing contractual relationships with users, so that his legal counsel can proceed with subsequent steps in accordance with the law. Neil Lee further stated that for over two months, he had prioritized seeking resolution through direct communication. He has continuously submitted verification materials as requested by the project, including proofs of fund sources, transaction records, and wallet control documentation. He will retain all emails, chat logs, on-chain transaction records, and all submitted verification materials, and will protect his rights to the assets corresponding to approximately 50 BTC through lawful channels.
Solv Abandons LayerZero, Migrates $700M in Tokenized Bitcoin Assets to Chainlink CCIP
Solv Protocol has announced the migration of over $700 million in tokenized Bitcoin assets to Chainlink's cross-chain protocol CCIP, and will gradually phase out LayerZero's bridging support across multiple chains. The migration involves core assets such as SolvBTC and xSolvBTC. Solv stated that the decision is based on the latest security reviews and recent cross-chain security incidents, and CCIP will become its standard cross-chain infrastructure. This move follows Kelp DAO's migration of approximately $290 million in assets to Chainlink, further strengthening the trend of "cross-chain infrastructure shifting toward security-first migration." (CoinDesk)
Solv Protocol Integrates Utexo to Launch Native Bitcoin Yield Solutions Based on RGB and the Lightning Network
According to GlobeNewswire, Solv Protocol announced a strategic integration with Utexo to launch a native Bitcoin yield solution built on the RGB protocol and the Lightning Network. This solution enables atomic swaps between native BTC and USDT—without wrapping, cross-chain bridges, or custodians. It emphasizes self-custody, privacy protection, and final settlement, aligning with Tether’s prior announcement of natively issuing USDT on an RGB-compatible Lightning Network. Additionally, Solv participated as a strategic angel investor in Utexo’s $7.5 million seed funding round, led by Tether.
Related news
Neil Lee, a 50 BTC holder subject to redemption restrictions, responds to Solv Protocol: Willing to resolve the dispute through formal legal proceedings.
In response to Solv Protocol’s statement addressing the recent BTC and single withdrawal dispute, Neil Lee, a user previously restricted from withdrawing approximately 50 BTC, responded in a post stating his strong willingness to resolve the dispute through formal legal proceedings. Given that Solv Protocol has proposed resolving the matter via judicial channels, he raises no objections. He requests that the project officially provide the full legal name, place of registration, registered address, and contact information for receiving legal documents of the legal entity responsible for the project's operations and establishing contractual relationships with users, so that his legal counsel can proceed with subsequent steps in accordance with the law. Neil Lee further stated that for over two months, he had prioritized seeking resolution through direct communication. He has continuously submitted verification materials as requested by the project, including proofs of fund sources, transaction records, and wallet control documentation. He will retain all emails, chat logs, on-chain transaction records, and all submitted verification materials, and will protect his rights to the assets corresponding to approximately 50 BTC through lawful channels.
About 50 BTC Unable to Be Redeemed, User Claims Their Address Remains Restricted After Solv Protocol Restored Functionality
according to monitoring by neil lee (@neillee99), they claim to have withdrawn approximately 50 BTC from Binance on July 8, converted it into SolvBTC and BTC+ to earn approximately 3% annualized yield, after which BTC+ minting and redemption functionality was suspended. On July 22, Solv Protocol publicly disclosed the related security incident and stated that assets were not affected; on July 31, the project team said functionality had been restored, but their address remained restricted, and approximately 50 BTC still cannot be redeemed to this day. They claim to have submitted proof of fund sources and wallet control, and called on Binance and investors to pay attention.
Over $7.2 billion in assets migrated from LayerZero to Chainlink CCIP
According to CoinDesk, Mantle announced it will migrate its Super Portal, jointly developed with Bybit with a locked value of $2.5 billion, from LayerZero's OFT standard to Chainlink's CCT standard. The migration window is from July 9 to 15, during which Super Portal services will be suspended. Existing MNT assets and related activities on Byreal and Bybit will not be affected. This migration brings the total assets flowing from LayerZero to Chainlink CCIP to over $7.24 billion. Previously, Kelp ($1.5 billion), Lombard (over $1 billion), Solv Protocol ($700 million), Virtuals Protocol ($700 million), Re ($475 million), Kraken ($330 million), and Yuzu Money ($54.5 million) have successively completed the migration.
Over $7.2 Billion in Assets Migrating from LayerZero to Chainlink CCIP, Mantle Joins the Migration
Mantle is migrating its $2.5 billion Super Portal from LayerZero to the Chainlink CCT standard to enhance security and improve control over token transfer settings. Projects that have previously migrated to Chainlink CCIP include Kelp and Lombard, each transferring over $1 billion in assets, along with Solv Protocol, Virtuals, Re, and Kraken’s tokenized assets.The Mantle migration will take place from July 9 to 15, enabling the project to expand MNT token transfers to more blockchain networks and secure assets through oracles. (CoinDesk).
Lombard Gradually Phasing Out LayerZero, Plans to Migrate Over $1 Billion in BTC Collateral Assets to Chainlink
following the $292 million exploit of Kelp DAO's LayerZero bridge, the security of cross-chain infrastructure has once again come under scrutiny. DeFi protocols Kelp DAO, Solv Protocol, Re, and crypto exchange Kraken have all taken similar migration measures, with the total value of this outflow reaching approximately $4 billion.Decentralized finance protocol Lombard has become the latest project to join the migration wave, announcing a gradual phase-out of LayerZero and the migration of over $1 billion in Bitcoin collateral assets to Chainlink's Cross-Chain Interoperability Protocol (CCIP). Bitcoin-related tokens issued by Lombard include LBTC and BTC.b. It is reported that Lombard's initial migration assets cover the Solana, Etherlink, Berachain, Corn, and TAC chains, while the use of LayerZero on Morph and Swell will also be terminated. As of now, LayerZero has not responded to requests for comment. (CoinDesk)
Solv Abandons LayerZero, Migrates $700M in Tokenized Bitcoin Assets to Chainlink CCIP
Solv Protocol has announced the migration of over $700 million in tokenized Bitcoin assets to Chainlink's cross-chain protocol CCIP, and will gradually phase out LayerZero's bridging support across multiple chains. The migration involves core assets such as SolvBTC and xSolvBTC. Solv stated that the decision is based on the latest security reviews and recent cross-chain security incidents, and CCIP will become its standard cross-chain infrastructure. This move follows Kelp DAO's migration of approximately $290 million in assets to Chainlink, further strengthening the trend of "cross-chain infrastructure shifting toward security-first migration." (CoinDesk)