Solv Protocol Will Ditch LayerZero, Migrating $700 Million in Tokenized Bitcoin to Chainlink

Another crypto project is leaving the blockchain interoperability protocol LayerZero After the repercussions From the $292 million Kelp DAO exploit, extensive scrutiny was conducted on the security of cross-chain bridges.

In an announcement on Thursday, Solv Protocol said it was Immigration The infrastructure running more than $700 million worth of LayerZero’s Bitcoin token has moved to Chainlink’s Cross-Chain Interoperability Protocol (CCIP), following what it described as a broader security review of cross-chain systems.

The protocol said it is discontinuing support for the LayerZero bridge for Corn, Berachain, Rootstock, and TAC while it unifies its infrastructure around Chainlink’s CCIP.

“Security is the foundation of everything we build at Solv, and our move to Chainlink CCIP reinforces that commitment at the highest level,” Will Wang, chief technology officer at Solv Protocol, said in a statement. “By fully securing SolvBTC and xSolvBTC cross-chain transfers using CCIP, we provide users with the highest assurance that our in-depth and proven defense infrastructure secures all cross-chain transfers.”

According to Wang, the migration positions Solv at scale with the “enterprise-level reliability and security assurance that the market demands.”

Launched in 2021 on Ethereum network, Solv Protocol is a DeFi platform built on SolvBTC – a token tied to a value Bitcoin– Allows users to publish BTC wrapped and other Bitcoin-based assets across multiple blockchains to earn returns.

The move comes after weeks of almost exhausting the attackers $292 million From the infrastructure associated with Kelp DAO, a DeFi protocol that uses LayerZero bridge technology. Solv did not directly mention Kelp DAO in its announcement, instead referring broadly to “recent cross-chain hacks observed in the industry” along with an extensive security review.

“Pursuant to this strategic migration, we are reducing our risk exposure on our existing bridge stack by discontinuing support for SolvBTC and xSolvBTC LayerZero bridging for Corn, Berachain, Rootstock and TAC to instead standardize on Chainlink CCIP, the most battle-hardened and time-tested infrastructure across all blockchains,” the company wrote.

While cross-chain bridges allow users to move assets between blockchains, they have also become one of the most vulnerable pieces of infrastructure in cryptocurrencies because they often rely on complex verification systems and keep large amounts of locked funds.

Previous notable attacks on blockchain network bridges include a $622 million exploit Ronin Network Bridge from Axie Infinity In 2022, the Indian cryptocurrency exchange was hacked to the tune of $230 MinisterX in 2024. Investigators eventually linked both attacks to state-sponsored hacking groups in North Korea.

In April, Layer Zero Blame Kelp DAO attacks North Korea’s Lazarus Group, saying the project relies on setting up a single verifier despite recommendations to use multiple verifiers.

This week, DAO kelp Disputed This account accused LayerZero of approving the configuration associated with the exploit. Kelp subsequently announced plans to redesign its cross-chain system around Chainlink CCIP, where transactions are verified by multiple independent validators instead of a single validator.

“We are proud to work with the Solv team and support their migration to Chainlink CCIP as a unified way to securely move their encapsulated Bitcoin assets across the chain,” Johan Eid, chief business officer at Chainlink Labs, said in a statement. “The migration of Solv to CCIP reflects a broader shift across the DeFi industry to leading protocols embracing Chainlink to provide the highest level of security required to bring the next billion users on-chain.”