MonkeDAO, a leading Solana-based NFT community, has made history by becoming the first decentralized autonomous organization (DAO) to adopt a Bitcoin reserve.
On March 28, MonkeDAO bought 1 zBTC, a new token created by APOLLO, which is a 1:1 Bitcoin equivalent token and native to Solana. Unlike wrapped or bridged BTC, zBTC is an ERC-20 token that enables Bitcoin holders to engage in DeFi on the Solana network.
Users can lend, borrow, and earn yield on-chain and do not require intermediaries for their operations. MonkeDAO has included zBTC in the Strategic Monke Reserve (SMR), a treasury reserve plan that focuses on the sustainability of the project’s funds.
The addition of zBTC diversifies & strengthens our current pool of native assets, MonkeDAO shared on X. While this move isn’t on the level of Strategy’s (formerly MicroStrategy) Bitcoin play, it highlights growing confidence in BTC-backed reserves.
According to APOLLO, zBTC is secured by a trustless two-way peg, a simple payment verification sidechain, and decentralized validators on the Zeus Network. It first transacted Bitcoin on Solana in December 2024 and has since then successfully validated the first one.
As we have seen, there are trillions of dollars worth of Bitcoin currently locked up, and this means that unlocking BTC for DeFi could be a revolution. MonkeDAO is a step towards a permissionless bitcoin on Solana, which will be an ecosystem that is built from the ground up for the Solana ecosystem.
Also Read: Oklahoma House Approves Bitcoin Reserve Bill for State Funds
