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 Cache 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, caches will be stored in your inventory and can be opened with Keys.

Other news

TON Validators Prepare for Configuration Vote on New Collator Architecture

chest

TON validators are updating their node software and mytonctrl tooling for a configuration vote on a new collator architecture scheduled for August 21 at 0800 UTC.

user avatarKofi Adjeman

Aave's EMode: Efficiency and Risk in DeFi Lending

chest

Aave's EMode feature allows for efficient borrowing among correlated assets but also increases the risk of liquidation during market stress.

user avatarSatoshi Nakamura

Avalanche Surpasses $3 Billion in Tokenized Real-World Assets

chest

Avalanche's tokenized real-world asset value has surpassed $3 billion, marking a significant milestone in its development as a platform for institutional finance.

user avatarNguyen Van Long

Aave's Debt Concentration Raises Concerns Amid Ethereum Volatility

chest

Aave's debt profile shows that a small number of loan positions account for a significant portion of its total outstanding debt, raising concerns about risk concentration.

user avatarJesper Sørensen

Shift in Airdrop Strategy Reflects Changing Market Dynamics

chest

Optimism's decision to reallocate tokens indicates a shift away from broad airdrops towards more strategic ecosystem investments.

user avatarLucas Weissmann

Optimism Governance Approves Reallocation of OP Tokens

chest

Optimism governance has approved the transfer of 5469 million OP tokens from user airdrop reserves to a Strategic Ecosystem Fund managed by the Optimism Foundation.

user avatarRajesh Kumar

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.