Hyperliquid, a decentralized layer-1 blockchain specializing in trading, is set to list Solv Protocol’s native token, SOLV. The listing, announced by Solv on Dec. 19, marks a key moment for the platform, which has gained $2.5 billion in total value locked (TVL) since its May launch. Hyperliquid is known for its high-performance trading experience, offering both leveraged perpetual futures with up to 50x leverage and spot markets featuring tokens such as BTC and PENGU, the token linked to the Pudgy Penguin NFT project.
The listing process on Hyperliquid operates through a Dutch auction model, where listing slots are auctioned off, with proceeds directed to its liquidity pool. Solv secured its slot for approximately $130,000, benefiting from a relatively low auction price compared to the $2 million starting bids seen just weeks later. Hyperliquid restricts token listings to one every 31 hours, capping annual listings at 282 to maintain exclusivity and demand.
Solv Protocol, which manages more than $3 billion in TVL, specializes in Bitcoin staking across layer-2 solutions like Babylon and CoreChain, as well as decentralized finance protocols such as Jupiter and Ethena. Solv’s reserves exceed 25,000 BTC, and its offerings include products like SolvBTC and SolvBTC.LSTs, providing yield opportunities while preserving liquidity. Co-founder Ryan Chow has described the protocol’s mission as creating a strategically managed Bitcoin reserve to generate returns and preserve wealth.
Backed by major investors such as Binance Labs, Blockchain Capital, Laser Digital and OKX Ventures, Solv has established itself as a significant player in decentralized finance. Its focus on integrating Bitcoin into DeFi ecosystems positions it as a transformative force for the $1 trillion Bitcoin asset market. The project has undergone rigorous security audits from firms like Quantstamp and Certik, reinforcing its commitment to safety and reliability.
The listing also marks a shift for Hyperliquid, which until now has primarily hosted community-launched tokens. Solv’s addition as a major VC-backed project signals broader market appeal and aligns with Hyperliquid’s aim to challenge centralized exchanges like Binance. Currently ranked as the top perpetual decentralized exchange by DeFiLlama, Hyperliquid is building its reputation as a leading player in the crypto space.
Solv’s strategic move to list on Hyperliquid highlights the growing convergence between established DeFi projects and innovative trading platforms. Both entities stand to benefit from the partnership, marking a significant development in the evolving landscape of decentralized finance.
