Coinbase has launched a new Wrapped Bitcoin, known as cbBTC, on the Solana blockchain. This introduction follows a significant increase in Solana's TVL by 385% this year.
Integration of cbBTC into Solana
The introduction of cbBTC on the Solana blockchain came after Coinbase's announcement at a recent event in Singapore. cbBTC joined a growing list of wrapped Bitcoin tokens on Solana, including tBTC and WBTC. This Bitcoin-backed wrapped token is expected to play a significant role in Solana’s DeFi landscape, providing new opportunities for liquidity and collateral in lending protocols. From its launch, cbBTC will be supported by multiple Solana-based DeFi platforms.
$1B Milestone of cbBTC
Despite now entering Solana, cbBTC had established itself on Ethereum and Coinbase’s Layer 2 network, Base. The token reached the $1 billion mark within nine weeks, which preceded its Solana launch, securing its position as the sixth-largest wrapped asset.
Solana's Growth Amid Integration
SOL, Solana's native token, has rallied in double digits over the past week, spurred by Bitcoin's bull run. At the time of writing, SOL is valued at $198, about 23% shy of its all-time high. The recent integration of cbBTC and other assets has strengthened Solana's standing in the crypto market, despite a drop in trading volumes.
The integration of cbBTC into Solana highlights significant progress for both Coinbase and the Solana ecosystem, expanding DeFi capabilities and solidifying market standing.
