Coinbase Set to Launch cbBTC on Base Network

user avatar

by Giorgi Kostiuk

2 years ago

Made with AI

  1. cbBTC Announcement
  2. Base Network and cbBTC
  3. Comparing cbBTC and WBTC


    4. Coinbase has announced plans to release a new token, cbBTC, on its Layer 2 network, Base. This announcement has sparked speculation about potential competition with the existing Wrapped Bitcoin (WBTC) token.

    cbBTC Announcement

    Coinbase hinted that a new token, cbBTC, will be launched on its Layer 2 network, Base, in the near future. This announcement was made on August 13 via the official Coinbase account on X. The introduction of cbBTC comes at a time when concerns surrounding WBTC's custodial changes have raised eyebrows.

    Base Network and cbBTC

    Base, Coinbase’s Layer 2 network, has been gaining traction as a platform for decentralized applications and crypto innovations. Jesse Pollak, the creator of Base, expressed his enthusiasm for Bitcoin, stating that the team aims to build a 'massive Bitcoin economy' on the network. This sentiment reinforces the idea that cbBTC will play a significant role in the future of Base.

    Comparing cbBTC and WBTC

    While details about cbBTC are still emerging, comparisons to WBTC are inevitable. WBTC has established itself as a widely-used asset in DeFi, with over 154,764 tokens currently in circulation. The recent custodial changes involving WBTC have prompted protocols like MakerDAO and Aave to reassess their positions. Coinbase’s previous success with Wrapped Staked ETH (cbETH) suggests that cbBTC could follow a similar path.

    Coinbase’s introduction of cbBTC could set new standards for tokenized versions of Bitcoin, especially amidst the uncertainty surrounding WBTC. The Base network and support from Coinbase might make cbBTC appealing to users and DeFi platforms looking for alternatives.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Aave Launches V4s Equities Hub for Non-US Investors

Aave has launched its V4s Equities Hub, allowing eligible non-US investors to borrow USDC against selected tokenized US equities.

user avatarSatoshi Nakamura

Polygon Labs Launches New Payment Controls for AI-Agent Transactions

Polygon Labs has launched new payment controls for AI-agent transactions, allowing automated agents to make purchases within defined parameters while managing associated risks.

user avatarRajesh Kumar

Polygon Labs Highlights Risks in Automated Payment Systems

Polygon Labs highlights the complexities and risks in automated payment systems, emphasizing the need for audit trails and compliance measures.

user avatarJesper Sørensen

Tokenized Asset Compliance Faces Practical Challenges

The announcement from Further Asset Management highlights significant challenges in the practical implementation and legal interpretation of compliance rules for tokenized assets.

user avatarLucas Weissmann

Chainlink Introduces CustodySync to Enhance Institutional Lending

Chainlink has launched CustodySync in collaboration with Anchorage Digital to synchronize information between custodians and decentralized lending protocols, facilitating institutional borrowing while ensuring compliance with custody regulations.

user avatarFilippo Romano

Uniswap Developer Analytics: A New Tool for Enhanced User Engagement

Uniswap Labs has launched Developer Analytics, a new feature for developers to analyze requests, error counts, and transaction volumes, aimed at improving user retention and overall developer experience.

user avatarEmily Carter

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.