Solv Protocol drops LayerZero in favor of Chainlink for $700 million tokenized bitcoin

Solv Protocol, a DeFi platform focused on Bitcoin, has announced its migration from LayerZero to Chainlink's Cross-Chain Interoperability Protocol (CCIP) for its cross-chain bridging needs. This decision impacts over $700 million in assets, including SolvBTC and xSolvBTC, across various networks. The move comes in the wake of a significant security incident involving LayerZero-powered Kelp DAO, which resulted in a $292 million exploit. Solv Protocol cited Chainlink CCIP's robust security features, including its secure-by-default architecture, native risk controls, and proactive monitoring, as key reasons for the switch. They also noted CCIP's recognition by the White House as critical digital asset infrastructure. This migration follows Kelp DAO's own decision to drop LayerZero in favor of Chainlink after the exploit, which highlighted disputes between Kelp DAO and LayerZero regarding the cause of the vulnerability. Solv Protocol also acknowledged that insecure cross-chain bridges pose systemic risks to the DeFi industry, reinforcing their commitment to prioritizing security.

(Source：The Block)