SolvBTC.ENA
SolvBTC.ENA is a liquid staking token (LST) for Bitcoin, representing the basis trade strategy using Bitcoin in Ethena, which allows Bitcoin holders to earn from Ethena’s yields & 10X SATs on borrowed stablecoins, all while maintaining exposure to Bitcoin.
How Does It Work?
The strategy leverages Bitcoin as collateral to borrow stablecoins, which are then used to mint and stake Ethena's USDe. This captures yields from two primary sources: Ethereum staking & funding, and basis spread earned from delta hedging derivative positions.
To ensure alignment of interests and incentivize optimal performance, a performance fee of 20% will be applied to the profits generated by the SolvBTC.ENA strategy.
Note:
The SATs are claimed by Solv’s minting address on behalf of users and proportionally distributed to SolvBTC.ENA holders after the Ethena SATs Campaign concludes. The amount received at the end of the campaign will be dependent on the vesting schedule that Ethena sets for the tokens.
The 10x SATs are based on the USDe minted, which results in lower SATs received due to the lower loan-to-value (LTV) ratio when borrowing USD using Bitcoin as collateral.
Users must complete KYC to stake their SolvBTC on Solv. However, users can opt to purchase SolvBTC.ENA on DEXes.
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