Preliminary research on $SOLV

1. BTCFi track, with BTC being adopted as a value store, the demand for yield is a natural extension. After the AI Agent/meme hype cooled down, this is currently one of the few tracks supported by actual value.

2. The team seems to be continuously working and has a vision. Recently, they collaborated with Lista on the BNB chain to allow staking BTC for BNB new listing profits and announced plans for BTC reserves.

3. The market has been relatively stable in recent weeks, with a market cap of only 62 million, suggesting a significant level of control.

4. TVL has not decreased much after the TGE for BTC-based, with two figures in Defillama: one at 2 billion as shown in the image below, and another, after removing some figures, at 800 million, corresponding to a market cap of 62 million and FDV of 380 million. Looking solely at the proportional valuation, it is not expensive.

5. The token empowerment is relatively weak; currently, protocol revenue has not been empowered to the token, and the 2 million protocol revenue shown in the image below for one year might not be complete.

Preliminary observations suggest it is worth continuous tracking. Setting aside the profit distribution during the TGE and community interests, the project itself is of high quality. However, theoretically, if the team takes all the protocol revenue, and then the token price stabilizes without increasing while waiting for continuous unlocking, the benefits for the team could still be considerable. Further observation of the driving force for price increases is needed.