Solv SolvBTC
Overview
Status
Mainnet
Type
Reserve
BTC Supply
₿0
SolvBTC is a BTC-backed reserve asset that is backed by native BTC and various BTC-derivatives. It is deployed across various blockchains.
Assessment
Asset Custody
Users trust custodians managing BTC backing SolvBTC and the operators of various BTC-derivative assets.
SolvBTC claims to be partially backed by native BTC managed by custodian providers. It’s been stated that Copper, Ceffu, Fireblocks, and Cobo are custodial providers securing BTC that partially backs SolvBTC. It's additionally backed by various BTC-derivative assets; BTCB, wBTC, FBTC, cbBTC, BTC.b, and tBTC.
Multisigs securing derivative assets backed by SolvBTC are largely secured by GnosisSafes with 5 signers. The signing threshold varies across implementation. The M-BTC safe has a ⅕ threshold where the wBTC safe on Ethereum has a ⅗.
Source
Multisigs securing derivative assets backed by SolvBTC are largely secured by GnosisSafes with 5 signers. The signing threshold varies across implementation. The M-BTC safe has a ⅕ threshold where the wBTC safe on Ethereum has a ⅗.
Source
Supply Issuance
Minting of SolvBTC is managed by a permissioned group of entities
Minting permissions are handled by three distinct entities in SolvBTC. In each implementation, the SolvBTCMultiAsset pool has minting capabilities and is the only entity with burning capabilities. An implementation of Chainlink CCIP on each chain enables cross-chain minting of SolvBTC tokens. Additionally, an AtomicMintContract on each chain has minting permissions.
SolvBTC discloses all contract owner addresses in its documentation. The 0x0c2…5b7D address can grant, and revoke, minting authority for all implementations of SolvBTC tokens.
SolvBTC does not disclose a specific protocol that monitors BTC deposits to initiate token minting on its respective chains.
SolvBTC discloses all contract owner addresses in its documentation. The 0x0c2…5b7D address can grant, and revoke, minting authority for all implementations of SolvBTC tokens.
SolvBTC does not disclose a specific protocol that monitors BTC deposits to initiate token minting on its respective chains.
Censorship Resistance
No blacklist or pause function on respective contracts
Implementations of the token do not have a blacklist or pause function.
Governance
A centralized party can upgrade contracts
The token contracts’ various deployments are unilaterally owned by an address controlled by an owner. This owner can unilaterally upgrade contracts. The signing threshold is ⅗.
Protocol Transparency
The protocol does not provide a public proof-of-reserve
The project has not published a Proof-of-Reserves. Users trust that the custodians holding native BTC backing the derivative asset to have ample reserves.
External operators are not disclosed
Operators of the protocol are not publicly disclosed.
Redemptions enabled
Redemptions are enabled. The project has not disclosed how redemptions are processed in their documentation.
Contracts are open-source and verified
Contracts related to the project are source viewable and verified.
Additional Considerations
Blacklist function added to SolvV3 contracts
The SolvBTCV3 release will see a blaskList function implemented. This function will enable the owner of the SolvBTC contract to blacklist individual users; refraining them from interacting with the token. Current implementations of SolvBTC do not have this function.