- Coinbase launched its Wrapped Bitcoin on Solana.
- In the meantime, SOL closes in on its ATH.
Coinbase has launched Coinbase Wrapped BTC [cbBTC] on the Solana [SOL] blockchain.
Designed as an SPL token, the wrapped asset is totally backed 1:1 by Bitcoin [BTC] and held securely in Coinbase’s custody.
In a assertion on X (previously Twitter), Coinbase highlighted the importance of this transfer, saying,
“This is the first token Coinbase has issued on Solana, and with it, we’re excited to bring easy access to BTC.”
cbBTC’s integration into Solana
Coinbase’s introduction of cbBTC to the Solana blockchain follows its announcement on the Solana Breakpoint occasion in Singapore in late September.
Price noting that, cbBTC joins an increasing roster of wrapped Bitcoin tokens on Solana, corresponding to tBTC and WBTC (by means of Wormhole), together with upcoming belongings like zBTC from Zeus Community and sBTC from Stacks.
This Bitcoin-backed wrapped token is ready to play a pivotal function in Solana’s decentralized finance (DeFi) panorama, offering new alternatives for liquidity and collateral in lending protocols.
From its launch, cbBTC might be supported by outstanding Solana-based DeFi platforms.
This included Jupiter Trade, Meteora AG, Kamino Finance, Jito Labs, Phoenix, Drift Protocol, Raydium, Orca, Save Finance, Manifest, and Loopscale Labs.
Apparently, 2024 has been fairly favorable for Solana on the DeFi entrance.
As per the newest knowledge from Artemis, Solana’s Complete Worth Locked (TVL) has surged by 385% YTD. At press time, it stood at $6.8 billion.
cbBTC’s $1B milestone
Whereas cbBTC has now entered Solana, this isn’t its debut. The token was initially launched on Ethereum [ETH] and Coinbase’s Layer 2 community, Base.
Moreover, cbBTC reached the $1 billion market cap mark simply inside 9 weeks, a milestone that preceded its Solana launch.
Regardless of being a comparatively new participant, cbBTC has already secured its place because the sixth-largest wrapped asset, in line with CoinMarketCap.
Amongst BTC-backed belongings, it solely trails behind Wrapped Bitcoin [WBTC].
How is SOL performing?
In the meantime, SOL has rallied by double digits over the past seven days, triggered by BTC’s bull run.
At press time, SOL exchanged fingers at $198, round 23% shy of its all-time excessive (ATH).
As famous by CoinMarketCap, the altcoin noticed a day by day improve of 5.04% and a formidable 18.55% achieve over the previous week. The coin’s market capitalization additionally rose to $93.53 billion, on the time of writing.
Supply: CoinMarketCap
The 24-hour buying and selling quantity stood at $4.77 billion, though this mirrored a 35% drop.
Learn Solana’s [SOL] Value Prediction 2024–2025
Regardless of this decline, SOL’s worth and up to date value surge demonstrated its continued momentum.
The mixing of cbBTC and different progressive belongings continues to strengthen Solana’s place within the crypto market.
