- Coinbase introduced its Wrapped Bitcoin on Solana.
- Meanwhile, 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 fully backed 1:1 by Bitcoin [BTC] and held securely in Coinbase’s custody.
In a statement on X (formerly Twitter), Coinbase highlighted the significance of this move, 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 at the Solana Breakpoint event in Singapore in late September.
Worth noting that, cbBTC joins an expanding roster of wrapped Bitcoin tokens on Solana, such as tBTC and WBTC (through Wormhole), along with upcoming assets like zBTC from Zeus Network and sBTC from Stacks.
This Bitcoin-backed wrapped token is set to play a pivotal role in Solana’s decentralized finance (DeFi) landscape, providing new opportunities for liquidity and collateral in lending protocols.
From its launch, cbBTC will be supported by prominent Solana-based DeFi platforms.
This included Jupiter Exchange, Meteora AG, Kamino Finance, Jito Labs, Phoenix, Drift Protocol, Raydium, Orca, Save Finance, Manifest, and Loopscale Labs.
Interestingly, 2024 has been quite favorable for Solana on the DeFi front.
As per the latest data from Artemis, Solana’s Total Value Locked (TVL) has surged by 385% YTD. At press time, it stood at $6.8 billion.
cbBTC’s $1B milestone
While cbBTC has now entered Solana, this is not its debut. The token was initially launched on Ethereum [ETH] and Coinbase’s Layer 2 network, Base.
Furthermore, cbBTC reached the $1 billion market cap mark just within nine weeks, a milestone that preceded its Solana launch.
Despite being a relatively new player, cbBTC has already secured its position as the sixth-largest wrapped asset, according to CoinMarketCap.
Among BTC-backed assets, it only trails behind Wrapped Bitcoin [WBTC].
How is SOL performing?
Meanwhile, SOL has rallied by double digits over the last seven days, triggered by BTC’s bull run.
At press time, SOL exchanged hands at $198, around 23% shy of its all-time high (ATH).
As noted by CoinMarketCap, the altcoin saw a daily increase of 5.04% and an impressive 18.55% gain over the past week. The coin’s market capitalization also rose to $93.53 billion, at the time of writing.
Source: CoinMarketCap
The 24-hour trading volume stood at $4.77 billion, although this reflected a 35% drop.
Read Solana’s [SOL] Price Prediction 2024–2025
Despite this decline, SOL’s value and recent price surge demonstrated its continued momentum.
The integration of cbBTC and other innovative assets continues to strengthen Solana’s position in the crypto market.
- Coinbase introduced its Wrapped Bitcoin on Solana.
- Meanwhile, 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 fully backed 1:1 by Bitcoin [BTC] and held securely in Coinbase’s custody.
In a statement on X (formerly Twitter), Coinbase highlighted the significance of this move, 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 at the Solana Breakpoint event in Singapore in late September.
Worth noting that, cbBTC joins an expanding roster of wrapped Bitcoin tokens on Solana, such as tBTC and WBTC (through Wormhole), along with upcoming assets like zBTC from Zeus Network and sBTC from Stacks.
This Bitcoin-backed wrapped token is set to play a pivotal role in Solana’s decentralized finance (DeFi) landscape, providing new opportunities for liquidity and collateral in lending protocols.
From its launch, cbBTC will be supported by prominent Solana-based DeFi platforms.
This included Jupiter Exchange, Meteora AG, Kamino Finance, Jito Labs, Phoenix, Drift Protocol, Raydium, Orca, Save Finance, Manifest, and Loopscale Labs.
Interestingly, 2024 has been quite favorable for Solana on the DeFi front.
As per the latest data from Artemis, Solana’s Total Value Locked (TVL) has surged by 385% YTD. At press time, it stood at $6.8 billion.
cbBTC’s $1B milestone
While cbBTC has now entered Solana, this is not its debut. The token was initially launched on Ethereum [ETH] and Coinbase’s Layer 2 network, Base.
Furthermore, cbBTC reached the $1 billion market cap mark just within nine weeks, a milestone that preceded its Solana launch.
Despite being a relatively new player, cbBTC has already secured its position as the sixth-largest wrapped asset, according to CoinMarketCap.
Among BTC-backed assets, it only trails behind Wrapped Bitcoin [WBTC].
How is SOL performing?
Meanwhile, SOL has rallied by double digits over the last seven days, triggered by BTC’s bull run.
At press time, SOL exchanged hands at $198, around 23% shy of its all-time high (ATH).
As noted by CoinMarketCap, the altcoin saw a daily increase of 5.04% and an impressive 18.55% gain over the past week. The coin’s market capitalization also rose to $93.53 billion, at the time of writing.
Source: CoinMarketCap
The 24-hour trading volume stood at $4.77 billion, although this reflected a 35% drop.
Read Solana’s [SOL] Price Prediction 2024–2025
Despite this decline, SOL’s value and recent price surge demonstrated its continued momentum.
The integration of cbBTC and other innovative assets continues to strengthen Solana’s position in the crypto market.
clomid generico can you get cheap clomiphene without rx can i get clomiphene without rx can i get clomid pills good rx clomiphene order cheap clomiphene pill buying generic clomiphene without prescription
This website exceedingly has all of the information and facts I needed adjacent to this participant and didn’t positive who to ask.
More articles like this would frame the blogosphere richer.
semaglutide usa – semaglutide ca order cyproheptadine 4mg online
brand motilium – order cyclobenzaprine 15mg pills flexeril usa
amoxiclav us – https://atbioinfo.com/ ampicillin tablet
buy nexium generic – https://anexamate.com/ nexium 20mg us
coumadin 5mg cost – cou mamide buy generic cozaar over the counter
order mobic 7.5mg for sale – https://moboxsin.com/ buy cheap generic meloxicam
where to buy otc ed pills – buy generic ed pills online non prescription ed drugs
amoxil without prescription – amoxicillin over the counter purchase amoxicillin generic
diflucan 100mg ca – this buy fluconazole 100mg generic
order lexapro 20mg for sale – click order lexapro 20mg without prescription
cialis w/dapoxetine – https://ciltadgn.com/ maximum dose of cialis in 24 hours
tadalafil pulmonary hypertension – on this site tadalafil walgreens
order ranitidine 300mg for sale – https://aranitidine.com/# purchase ranitidine online
viagra sale sa – https://strongvpls.com/# viagra
This is a keynote which is virtually to my fundamentals… Myriad thanks! Quite where can I lay one’s hands on the acquaintance details in the course of questions? https://buyfastonl.com/amoxicillin.html
This is a question which is in to my heart… Myriad thanks! Faithfully where can I upon the contact details due to the fact that questions? fildena 100 comprar
I’ll certainly bring back to be familiar with more. https://ursxdol.com/provigil-gn-pill-cnt/
This is the tolerant of advise I find helpful. https://prohnrg.com/product/loratadine-10-mg-tablets/
I am in truth delighted to gleam at this blog posts which consists of tons of worthwhile facts, thanks object of providing such data. https://aranitidine.com/fr/levitra_francaise/
With thanks. Loads of knowledge! https://ondactone.com/simvastatin/
Thanks on sharing. It’s top quality.
https://doxycyclinege.com/pro/spironolactone/