MonkeDAO, a community-owned non-fungible token project on Solana, has made a groundbreaking announcement. It has become the first decentralized autonomous organization to incorporate a Bitcoin reserve into its treasury strategy.
In a recent update on March 28, MonkeDAO revealed that it has acquired the APOLLO on Solana token zBTC, which is pegged 1:1 to Bitcoin. This move makes MonkeDAO the pioneer DAO to include a Bitcoin reserve in its treasury.
The zBTC token, developed by the APOLLO team, offers BTC on-chain in a permissionless manner, allowing holders to participate in decentralized finance activities on the Solana network and earn on-chain yield.
MonkeDAO has decided to add zBTC to its treasury, specifically to the Strategic Monke Reserve (SMR). The SMR serves as the project’s treasury reserve strategy, aimed at promoting financial sustainability within the community.
By introducing zBTC into its treasury, MonkeDAO is not only strengthening its pool of native assets but also fostering a permissionless ecosystem for Bitcoin DeFi (BTCFi). This initiative enables Bitcoin holders to engage in DeFi activities on Solana, such as lending, borrowing, and yield farming.
In a statement posted on X, MonkeDAO expressed their commitment to long-term growth through the SMR strategy and highlighted the diversification and strengthening of their native assets with the addition of zBTC.
The security of zBTC is ensured through a trustless two-way peg mechanism, which utilizes a simple payment verification sidechain. Additionally, the token leverages a decentralized validator set on the Zeus Network to enhance its security and reliability.
Both the APOLLO and Zeus Network are focused on tapping into the vast value locked within the Bitcoin network, aiming to unlock the untapped liquidity of Bitcoin holders who have their coins sitting idle in wallets. The Zeus Network successfully validated its first Bitcoin transaction on Solana in December 2024.
Overall, MonkeDAO’s adoption of a Bitcoin reserve signifies a growing confidence in Bitcoin within the decentralized finance space. This bold move not only showcases the project’s innovative approach but also paves the way for the integration of Bitcoin into the Solana ecosystem, opening up new opportunities for growth and use case expansion.