Coinbase Introduces First Native Token on Solana with cbBTC Releas
The post Coinbase Introduces First Native Token on Solana with cbBTC Releas appeared on BitcoinEthereumNews.com.
TLDR Coinbase launches cbBTC on Solana, marking its first native token on the blockchain Current cbBTC deployment has $10M ready for Solana DeFi, with $500K already in trading pools Launch fills gap left by FTX’s soBTC collapse in November 2022 Bitcoin hit new record high of $76K amid Trump’s election victory cbBTC has reached $1B in total value on Ethereum within nine weeks of launch Coinbase has introduced its bitcoin-backed token, cbBTC, to the Solana blockchain, marking the exchange’s first native token issuance on the platform. The launch, announced on November 7, 2024, comes with an initial deployment of $10 million ready for integration into Solana’s decentralized finance (DeFi) ecosystem. The move addresses a notable gap in Solana’s DeFi landscape that emerged after the collapse of FTX in November 2022. The previous standard-bearer for bitcoin representation on Solana, soBTC, became inactive following FTX’s downfall, leaving the ecosystem without a widely recognized bitcoin standard for nearly two years. Coinbase’s cbBTC token operates as an SPL token on Solana, enabling users to swap between the exchange and their Solana wallets. The system maintains a 1:1 backing with bitcoin, allowing traders to use their bitcoin holdings within Solana’s DeFi protocols for trading, lending, and borrowing activities. Early adoption indicators show promise, with $500,000 of cbBTC already active in trading pools on platforms like Meteora and Orca, as well as in a reserve on the Kamino trading protocol. This initial traction suggests potential for broader adoption across Solana’s DeFi ecosystem. cbBTC is live on @solana. cbBTC is an SPL token that is backed 1:1 by Bitcoin (BTC) held in custody by Coinbase. This is the first token Coinbase has issued on Solana, and with it, we’re excited to bring easy access to BTC. Here’s what you can do with your cbBTC on day one…
Filed under: News - @ November 8, 2024 2:24 pm