Solv Protocol Migrates $700M from LayerZero to CCIP

Solv Protocol, a decentralized finance platform specializing in tokenized Bitcoin, announced Thursday it will migrate more than $700 million in assets from LayerZero to Chainlink's CrossChain Interoperability Protocol, or CCIP, across four blockchain networks.

The transition involves deprecating LayerZero bridge support for SolvBTC and xSolvBTC, the protocol's wrapped Bitcoin tokens, on the Corn, Berachain, Rootstock, and TAC networks. Solv Protocol, launched in 2021 on Ethereum, enables users to deploy Bitcoin-based assets across multiple chains to earn yield. The move standardizes its crosschain operations on CCIP following an extensive security review prompted by recent industry incidents.

Officials at Solv Protocol cited the high-risk nature of crosschain bridges, which have been frequent targets for exploits due to their complex verification systems and large locked funds. The decision comes amid heightened scrutiny after a $292 million attack on KelpDAO's LayerZero-powered bridge on April 18. Attackers, linked by LayerZero to North Korea's Lazarus Group, drained 116,500 rsETH by exploiting a single-verifier configuration. KelpDAO, which announced its own migration to CCIP...