Coinbase Unveils Wrapped Bitcoin (cbBTC) Integration on Solana Network
- Coinbase plns to intgrt its wrppd Bitcoin product, cbBTC, onto th Soln ntwork, nhncing DFi options.
- cbBTC quickly gind populrity, rnking s th third most-usd wrppd Bitcoin product within wk.
- Th Sky community votd ovrwhlmingly to rmov Wrppd Bitcoin (WBTC) s colltrlizd sst, fvoring ltrntivs lik cbBTC.
Th Soln blockchin is st to significntly nhnc its position in Dcntrlizd Finnc (DFi). At th rcnt Brkpoint 2024 confrnc, Coinbase, lding cryptocurrncy xchng, rvld plns to intgrt its wrppd Bitcoin product, cbBTC, into th Soln ntwork.
Coinbases dcision rprsnts strtgic mov imd t providing usrs with incrsd flxibility nd options for using Bitcoin in th DFi sctor. Although spcific lunch dt for cbBTC on Soln hs not bn nnouncd, Hssn Ahmd, Coinbss Country Dirctor for Singpor, convyd th compnys xcitmnt bout this intgrtion.
W rcntly lunchd cbBTC on Bs, but our usrs lov Soln, nd so do w. So w r vry xcitd to nnounc tht w will b bringing ntiv cbBTC to Soln s wll, Ahmd sttd during his prsnttion t Brkpoint. Th udinc, primrily Soln nthusists, rspondd positivly, rflcting th rising dmnd for colltrlizd Bitcoin ssts within th Soln cosystm.
Coinbases cbBTC Gains Rapid Traction
On Sptmbr 12th, Coinbase lunchd cbBTC to srv usrs in Singpor, Austrli, th Unitd Kingdom, nd ll U.S. stts xcpt Nw York. cbBTCs min ftur is its cpbility to rprsnt Bitcoin on progrmmbl blockchins, such s Ethrum nd Bs, whil fully bckd by Bitcoin hld in Coinbases custody t 1:1 rtio. This limints th nd for sprt ordr books or trding pirs for cbBTC on th Coinbs pltform.
Sinc its lunch, cbBTC hs quickly gind trction. Dt from CryptoQunt shows tht within just svn dys, cbBTC bcm th third most populr wrppd Bitcoin product. This rpid succss outpcs stblishd rivls such s Huobi BTC (HBTC) nd rnBTC (RENBTC), both of which hv bn vilbl sinc 2020.
Th swift doption of cbBTC hs drwn intrst from significnt plyrs in th DFi sctor. On Sptmbr 12th, th Sky tm, prominnt lnding nd borrowing pltform formrly known s MkrDAO, suggstd rmoving Wrppd Bitcoin (WBTC) s colltrl sst. This dcision ros from concrns surrounding th llgd involvmnt of Tron foundr Justin Sun with th projct.
Th Sky community xplord vrious ltrntivs to WBTC, including both cntrlizd nd dcntrlizd toknizd Bitcoin products, with Coinbases cbBTC nd Thrsholds tBTC bing prominnt contndrs. On Sptmbr 19th, th community votd dcisivly, with ovr 88% supporting th rmovl of WBTC from thir pltform.
Coinbases dcision to intgrt cbBTC onto Soln signifis pivotl momnt for both pltforms. Soln bnfits from cquiring crucil wrppd Bitcoin sst, nhncing its DFi offrings, whil Coinbase brodns its scop, rsponding to th incrsing dmnd for wrppd Bitcoin solutions in th Soln cosystm. This collbortion fostrs grtr ccssibility nd innovtion in th constntly volving DFi lndscp.
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Read more: https://www.tronweekly.com/coinbase-unveils-cbbtc-integration-on-solana/
Text source: TronWeekly
