Solv Dumps LayerZero, Moves ₱42.35 billion ($700 million) Bitcoin to Chainlink
Following a ₱17.67 billion ($292 million) KelpDAO exploit linked to LayerZero bridge vulnerabilities, Solv Protocol is migrating its tokenized Bitcoin infrastructure to Chainlink's Cross-Chain Interoperability Protocol, affecting ₱42.35 billion ($700 million) in SolvBTC and xSolvBTC assets.
Key Takeaway
Bridge hacks are forcing DeFi protocols to abandon riskier infrastructure for battle-tested alternatives.
Solv Protocol announced Thursday it's pulling all tokenized Bitcoin operations off LayerZero and moving them to Chainlink's Cross-Chain Interoperability Protocol. The migration affects ₱42.35 billion ($700 million) in SolvBTC and xSolvBTC assets.
The decision came after what Solv called "a broader security review of cross-chain systems" triggered by recent bridge hacks. KelpDAO lost $292 million in April through a LayerZero-powered bridge, with LayerZero blaming North Korea's Lazarus Group. Kelp DAO disputed that account this week, accusing LayerZero of approving a vulnerable configuration.
Solv Protocol Chief Technology Officer Will Wang said security is the foundation of everything the company builds, and the migration to Chainlink CCIP reinforces that commitment at the highest level.
The protocol is deprecating LayerZero bridge support for SolvBTC and xSolvBTC on four blockchains: Corn, Berachain, Rootstock, and TAC. Solv launched on Ethereum in 2021 and has since expanded to multiple chains using cross-chain infrastructure.
Chainlink Labs Chief Business Officer Johann Eid said Solv's migration reflects a broader shift across DeFi of leading protocols adopting Chainlink to deliver the highest level of security required to bring the next billion users on-chain. Bridge exploits have cost the industry heavily in recent years, including a $622 million Ronin network hack in 2022 and a $230 million WazirX breach in 2024.
This article was written based on reporting from Decrypt.
