MonkeDAO, a number one Solana-based NFT group, has made historical past by turning into the primary decentralized autonomous group (DAO) to undertake a Bitcoin reserve.
On March 28, MonkeDAO purchased 1 zBTC, a brand new token created by APOLLO, which is 1:1 Bitcoin equal token and native to Solana. In contrast to wrapped or bridged BTC, zBTC is an ERC-20 token that allows Bitcoin holders to have interaction in DeFi on the Solana community.
Customers can lend, borrow, and earn yield on-chain and don’t require intermediaries for his or her operations. MonkeDAO has included zBTC within the Strategic Monke Reserve (SMR), a treasury reserve plan that focuses on the sustainability of the challenge’s funds.
The addition of zBTC diversifies & strengthens our present pool of native property, MonkeDAO shared on X. Whereas this transfer isn’t on the extent of Technique’s (previously MicroStrategy) Bitcoin play, it highlights rising confidence in BTC-backed reserves.
In accordance with APOLLO, zBTC is secured by a trustless two-way peg, easy fee verification sidechain and decentralized validators on Zeus Community. It first transacted Bitcoin on Solana in December 2024 and has since then efficiently validated the primary one.
As we’ve got seen, there are trillions of {dollars} price of Bitcoin at present locked up and because of this unlocking BTC for DeFi could possibly be a revolution. MonkeDAO is a step in the direction of a permissionless bitcoin on solana, which can be an ecosystem that’s constructed from the bottom up for the Solana ecosystem.
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