Solv Protocol Will Dump LayerZero, Transferring $700M Tokenized Bitcoin Tech to Chainlink

Another crypto project is moving away from the blockchain interoperability protocol LayerZero after the fall from the $292 million Kelp DAO uses additional checks around bridge security.

In an announcement Thursday, Solv Protocol said migration infrastructure that powers more than $700 million in Bitcoin tokens from LayerZero to Chainlink’s Cross-Chain Interoperability Protocol (CCIP), following what it describes as an extensive security review of cross-chain systems.

The plan is said to be reducing LayerZero’s bridge support for Corn, Berachain, Rootstock, and TAC while building its core around Chainlink’s CCIP.

“Security is at the core of everything we build at Solv, and our move to Chainlink CCIP reinforces that commitment to the highest level,” Solv Protocol Chief Technology Officer Will Wang said in a statement. “By achieving the full security of SolvBTC and xSolvBTC with CCIP, we are providing users with a high level of guaranteed, deep security that protects every transfer.”

According to Wang, the move allows Solv to grow with “reliability and security assurance for the groups that the market demands.”

It was established in 2021 on Ethereum network, Solv Protocol is a DeFi platform built around SolvBTC-a token linked to the value of Bitcoin– which allows users to send wrapped in BTC and other Bitcoin assets by traversing multiple blockchains to obtain yield.

The move comes after weeks of the strikers being exhausted $292 million from the infrastructure built on Kelp DAO, a DeFi protocol that used LayerZero technology. Solv did not specifically mention Kelp DAO in its announcement, instead referring in detail to “recent hacks seen in the industry” along with security reviews.

“In line with this positive migration, we are reducing our risk exposure by reducing SolvBTC and xSolvBTC LayerZero support for Corn, Berachain, Rootstock, and TAC to instead focus on Chainlink CCIP, which is the most robust and regularly tested across the industry.”

Although cross-bridges allow users to move assets between blockchains, they have also been one of the most frequently attacked areas of crypto because they often rely on complex authentication systems and have large amounts of money locked up.

The initial attack on the blockchain network bridges involved $622 million Axie Infinity’s Ronin network bridge in 2022, it is a $230 hack of Indian crypto exchange WazirX in 2024. All of these attacks were linked by investigators to North Korean state-sponsored groups.

In April, LayerZero guilty The Kelp DAO attack on North Korea’s Lazarus Group, and said that the project relied on the implementation of single authentication although it is recommended to use multiple authentication.

This week, Kelp DAO to argue the account and blame LayerZero to accept the configuration linked to the action. Kelp kelp announced that it plans to restructure its blockchain system around the Chainlink CCIP, where transactions are verified through multiple independent verifiers instead of a single verifier.

“We are proud to work with the Solv team and support their migration to Chainlink CCIP as a sustainable way for their Bitcoin assets to be securely transferred,” said Chainlink Labs chief business officer Johann Eid, in a statement. “Solv’s migration to CCIP marks a significant shift for the leading DeFi industry to rely on Chainlink to provide the highest level of security needed to bring the next billion users.”