Coinbase Brings Bitcoin Utility to Solana
Coinbase has launched cbBTC, a bitcoin-backed token on the Solana blockchain, aiming to boost decentralized finance (DeFi) activity. With cbBTC, Solana-based DeFi protocols can now access Bitcoin liquidity, an asset previously limited on the platform following the collapse of FTX and its token, soBTC.A New Standard for Solana DeFi?
Many Solana-based DeFi projects are optimistic about cbBTC’s potential to revitalize the ecosystem, providing a trusted, accessible bitcoin alternative. Initial liquidity for cbBTC has reached $10 million, and it's already active in trading pools across protocols like Orca, Kamino, and Raydium. However, Coinbase’s success in establishing cbBTC as Solana’s go-to bitcoin solution remains to be seen as previous attempts have struggled to gain traction.Looking Ahead
The rollout of cbBTC reflects Coinbase’s broader strategy to support DeFi on multiple blockchains. A company spokesperson highlighted Coinbase’s aim to provide users with expanded on-chain options, potentially setting the stage for new growth across Solana’s DeFi landscape.
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