zBTC Bitcoin reserve has been acquired by MonkeDAO, a community-owned non-fungible token project on Solana.
A Bitcoin reserve has been adopted by MonkeDAO, a community-owned non-fungible token project on Solana, making it the first decentralized autonomous organization to do so.
On March 28, Solana-based MonkeDAO declared that it had acquired the APOLLO on Solana token zBTC, incorporating a Bitcoin reserve into its Strategy.
MonkeDAO Adds zBTC Bitcoin Reserve To Its Treasury
The recently released zBTC is a native Solana token 1:1 correlated to Bitcoin. MonkeDAO is the first DAO to use the token for its treasury reserve.
According to the APOLLO team, the token provides Bitcoin on-chain permissionless rather than bridged or wrapped. Holders can access this token to engage in decentralized finance on Solana and generate on-chain yield.
Purchased one zBTC is placed in the Strategic Monke Reserve. To help the community develop financial sustainability, the NFT DAO project has adopted a treasury reserve strategy called SMR.
Bitcoin Hodlers Can Participate in DeFi on Solana
MonkeDAO is also dedicated to a permissionless Bitcoin DeFi, or BTCFi, ecosystem. Bitcoin holders can participate in DeFi on Solana through lending, borrowing, and yield farming activities thanks to zBTC.
MonkeDAO wrote on X that the SMR is our commitment to long-term growth, and adding zBTC diversifies [and] strengthens our current pool of native assets.”
Although this approach does not represent the Strategy, formerly MicroStrategy, level of play, it does demonstrate the increasing trust in Bitcoin.
According to APOLLO, in addition to the 1:1 peg with Bitcoin, zBTC uses the trustless two-way peg for security, which it accomplishes through a straightforward payment verification sidechain. Additionally, the token uses a decentralized validator on the Zeus Network.
The trillions in value on the Bitcoin network are the focus of Apollo and Zeus Network’s role in BTCFi.
Opening up Bitcoin’s underutilized liquidity—where holders’ coins sit in their wallets—presents a significant growth and use case-strengthening opportunity. Zeus Network verified the first Bitcoin transaction on Solana in December 2024.
