Solv
Protocol Faces Accusations
of Misrepresenting
Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin Staking Metrics
Solv Protocol, a prominent Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin staking platform, is facing allegations of
inflating its total value locked (TVL) figures. Industry experts have raised
these accusations, which question the platform s asset-handling
practices and the accuracy of its reported metrics.
However, the platform’s team has strongly denied these accusations, labeling
them as unfounded and an attempt to spread fear and misinformation.
Concerns Arise Over SolvBTC s Asset Handling
On January 3, Hanzhi Liu, co-founder of Nubit, brought attention to potential
irregularities in Solv Protocol s operations. Liu alleged that
blockchain• Информационные технологии » Информационно-коммуникационные технологии » Информационные технологии и телекоммуникации » Базы данных » Публичная база транзакций » Блокчейн
• Высокие технологии » Информационные технологии и телекоммуникации » Базы данных » Публичная база транзакций » Блокчейн data suggests the platform recycles the same Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin across
multiple protocols instead of locking unique deposits. This practice,
according to Liu, artificially inflates Solv’s TVL figures.
Liu explained that SolvBTC , the platform’s wrapped Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin asset, relies on
pre-signed transactions to appear in multiple staking protocols
simultaneously. This method, he claimed, allows one Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin to be counted
multiple times across different platforms, creating the illusion of higher TVL
.
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For example, one BTC in SolvBTC could be reported as three BTC by leveraging
this duplication across various platforms.
Solv Protocol isn’t locking unique BTC deposits. Instead, it’s using
pre-signed transactions to “authorize” the same BTC across multiple protocols:
1 BTC in Solv → +1 TVL BTC Same BTC in Bsquared → +1 TVL BTC (again) Same BTC
in ??? → +1 TVL BTC (again) In reality, 1 BTC = 3 fake TVL BTC, Liu
stated .
He also accused the platform of altering its TVL data on monitoring tools like
DeFiLlama and moving funds supposedly locked in staking contracts. So, Liu
urged users to withdraw their funds from Solv and verify whether their assets
are genuinely secured or being reused across protocols.
Solv Protocol Responds to the Allegations
Eva Binary, Solv Protocol s Chief Marketing Officer, dismissed the
allegations, describing them as misleading and baseless. She clarified that
Solv’s TVL metrics align with its standard 15-day restaking cycles and are
accurately reflected on DeFiLlama.
Binary also attributed TVL fluctuations in specific pools, such as
SolvBTC.BBN, to routine redemption processes, denying any manipulation or
3x BTC inflation .
Ryan Chow, co-founder of Solv, echoed these sentiments, accusing competitors
of orchestrating a coordinated effort to tarnish the platform’s reputation. He
also argued that these claims are part of a deliberate campaign to disrupt
Solv’s operations and undermine its partnerships.
For months we are aware competitors are out there smearing us to our
partners and persuade them ‘don’t work with Solv, work with us instead,
[insert accusations above, if not more].’ We have so far chosen to ignore and
continue doing us. But no more. Make no mistake. This is a smear campaign,
coordinated and orchestrated, and going to great lengths in attempt to take
Solv down, Chow stated . Solv Protocol s TVL. Source: DeFillama
Solv Protocol specializes in Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin staking and yield generation across
multiple blockchain• Информационные технологии » Информационно-коммуникационные технологии » Информационные технологии и телекоммуникации » Базы данных » Публичная база транзакций » Блокчейн
• Высокие технологии » Информационные технологии и телекоммуникации » Базы данных » Публичная база транзакций » Блокчейн networks. According to DeFiLlama, Solv currently manages
approximately $2.5 billion in TVL.
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