MonkeDAO Pioneers Bitcoin Reserve on Solana
monkedao, a community-driven NFT project on Solana, has made history. It’s the first decentralized autonomous institution (DAO) to integrate Bitcoin into it’s treasury.On March 28, MonkeDAO announced the adoption of zBTC, a Bitcoin-pegged token native to Solana.
zBTC is unique.It’s not a wrapped or bridged asset but a permissionless token. this means Bitcoin holders can use it for decentralized finance (DeFi) activities on Solana.The APOLLO team launched zBTC, wich mirrors Bitcoin’s value 1:1. MonkeDAO acquired this token to diversify its Strategic Monke Reserve (SMR). the SMR aims to ensure long-term financial sustainability for the community.
By adding zBTC to its reserve,monkedao is fostering a permissionless Bitcoin DeFi (BTCFi) ecosystem. Users can lend, borrow, and earn yields on Solana. The token uses a trustless two-way peg for security, verified via a sidechain. It also leverages the Zeus Network’s decentralized validator set. This move opens up Bitcoin’s liquidity, currently locked in wallets, for DeFi use. It’s a step towards Bitcoin’s broader utility in DeFi, targeting trillions in Bitcoin network value.
MonkeDAO’s decision shows growing confidence in Bitcoin. While not on par wiht MicroStrategy’s strategy, it’s a significant step. zBTC allows Bitcoin holders to participate in Solana’s DeFi space. This innovation could unlock Bitcoin’s potential, benefiting both networks.Zeus Network, a key player, validated its first Bitcoin transaction on Solana in December 2024. This integration strengthens Bitcoin’s role in DeFi. The APOLLO team designed zBTC for on-chain transactions, enhancing Solana’s DeFi landscape.
- zBTC is the first of its kind, offering on-chain BTC without intermediaries.
- it’s a win for Bitcoin’s underutilized liquidity.
MonkeDAO’s adoption of zBTC marks a milestone.It’s a commitment to Bitcoin’s growth and financial sustainability.As MonkeDAO stated on X, “Adding zBTC diversifies and strengthens our asset pool.”
For more details, visit the APOLLO on Solana website.
