Prime US-based crypto change Coinbase says its wrapped model of Bitcoin (BTC) is coming to the sensible contract platform Solana (SOL).
In a session through the Solana Breakpoint 2024 occasion, Coinbase govt Hasan Ahmed says the crypto change is introducing Coinbase Wrapped Bitcoin (cbBTC) to the Ethereum (ETH) competitor’s blockchain.
“We lately launched cbBTC on Base, however our customers love Solana and so can we, so we’re very excited to announce that we’ll be bringing native cbBTC to Solana as properly.”
Base is Coinbase’s Ethereum layer-2 answer designed to permit builders to construct purposes with out getting slowed down by excessive gasoline charges.
Earlier this month, Coinbase launched cbBTC, an Ethereum-based token backed by Bitcoin that provides BTC holders entry to decentralized finance (DeFi) protocols through the Base and Ethereum blockchains.
“cbBTC is constructed to be seamlessly suitable with DeFi purposes, so customers can now faucet into novel DeFi use instances like offering their Bitcoin as liquidity to DeFi protocols, or utilizing it as collateral to borrow different crypto property.”
On the time, Coinbase stated cbBTC can be suitable with many outstanding DeFi protocols, together with Aave (AAVE), Curve Finance (CRV), and Compound Finance (COMP).
Not too long ago, the market cap of cbBTC has surged to $171 million, in keeping with information from CoinGecko. On September sixteenth, it was simply at $97 million.
The highest crypto asset by market cap is buying and selling for $63,718 at time of writing, a 1.21% enhance over the last 24 hours.
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