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    Coinbase introduces cbBTC: A new wrapped Bitcoin on Solana to enhance DeFi accessibility

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    HI, How to build with bitcoin on Solana, B-man, Solana

    30s Summary

    Coinbase has launched its own version of wrapped Bitcoin (cbBTC) on the Solana blockchain platform, making Bitcoin easier to access. cbBTC mirrors Bitcoin on a one-to-one basis and can be used in Solana’s DeFi ecosystem. Several Solana-based exchanges and DeFi platforms will support cbBTC. Coinbase has already put about 135 cbBTC, worth around $10 million, on Solana. Since its launch in mid-September, Coinbase’s wrapped Bitcoin value has risen to over $1 billion. The Solana DeFi has increased 250% since the start of the year, reaching a total of $8.25 billion.

    Full Article

    Coinbase, the biggest crypto exchange in the U.S., has just launched its own version of wrapped Bitcoin (cbBTC) on the blockchain Solana. This marks the first token Coinbase has launched on Solana, making Bitcoin easier to access.

    In simple terms, cbBTC works like a Bitcoin but on the Solana platform. It mirrors Bitcoin on a one-to-one basis and allows users to use Bitcoin in Solana’s DeFi (Decentralized Finance) ecosystem.

    Several Solana-based exchanges and DeFi platforms will support this new token, including Jupiter, Meteora, Kamino Finance, Raydium, Phoenix, Jito, and Drift. Kamino wishes to become one of the biggest places where people can use cbBTC in DeFi.

    Notably, Coinbase has already put about 135 cbBTC, worth around $10 million, on Solana. Also, cbBTC fills a void left by soBTC, another Bitcoin variant on Solana, which faced issues during the FTX exchange collapse.

    Moreover, there are other versions of wrapped BTC on Solana already, like Threshold’s tBTC, Zeus Network’s zBTC, and WBTC via Wormhole, adding to the growing Bitcoin variants on the network.

    Since its launch in mid-September, Coinbase’s wrapped Bitcoin has seen its value rise to over $1 billion. It competes with BitGo’s WBTC (Wrapped Bitcoin), which holds a market cap of $11 billion and is widely available across different networks.

    Elsewhere, Solana DeFi has increased 250% since the start of the year, reaching a total of $8.25 billion. Ethereum DeFi, though showing slower recoveries, still holds $60 billion, having grown 72% this year.

    Following the announcement, Solana’s (SOL) prices has seen a small bump of 3.4%, touching $200 during early trading on Nov. 8.

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