Solv Protocol Emerges as the Sixth Largest Bitcoin Staking Platform

In the last 24 hours, Solv Protocol, a leading Bitcoin staking platform, with a 24-hour protocol fee of $1.48m, has emerged as the sixth largest among the protocols.

Over the last 24 hours, Solv Protocol, a leading Bitcoin staking platform, has generated a protocol fee of $1.48 million, making it the sixth largest among the protocols, according to data from DeFillama. This puts Solv ahead of Solana, which earned around $1.24 million in fees, and Uniswap, which generated approximately $1.15 million in fees during the same period.

Here's a closer look at the performance of these protocols:

Solv Protocol Performance

Solv Protocol’s 24-hour fee reached $1.48 million, while its 24-hour revenue stood at $295,637. At the beginning of October, the fee was at $12.29k. On the second day of the month, it rose slightly to 20.2k. On the third day, it climbed further to $159.27k. On the fourth day, it touched a peak of $1.48m. Today, it is in the range of $427.06k.

According to a post on X by Wu Blockchain, Solv Protocol's strong performance has contributed to it becoming the highest TVL holder within the BTCFI (Bitcoin Financial Infrastructure) ecosystem.

At present, Solv Protocol has a TVL of $1.319 billion. Since April, the protocol has seen a sharp increase in TVL. On April 3, it was just $109.52m. On June 17, it reached a peak of $1.403b. On August 31, it touched a peak of $1.555b – the highest recorded this year.

Solv Protocol Vs. Solana and Uniswap

Solana's 24-hour fee was $1.24 million, slightly lower than Solv Protocol's. However, Solana's 24-hour revenue was significantly higher, at $617,634. On October 1, the fee was $1.12m. The next day, it rose to $1.4m. On the third day of the month, it slipped slightly to $1.24m.

Uniswap's 24-hour fee was $1.15 million, which is considerably lower than Solv Protocol's. On October first, it was around $2.36m. Since then, it has dropped consistently. On the second day, it fell to $1.75m. The next day, it reached $1.37m. On the fourth day, it was around $1.15m. Today, it stands at $1.1m.

In conclusion, the rapid rise in the fees and TVL of Solv Protocol indicates the growing popularity of the protocol in the DeFI and Bitcoin staking space.

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