High US-based crypto change Coinbase says its wrapped model of Bitcoin (BTC) is coming to the sensible contract platform Solana (SOL).
In a session throughout 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 just lately launched cbBTC on Base, however our customers love Solana and so will we, so we’re very excited to announce that we are going to 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 fuel charges.
Earlier this month, Coinbase launched cbBTC, an Ethereum-based token backed by Bitcoin that offers BTC holders entry to decentralized finance (DeFi) protocols by way of the Base and Ethereum blockchains.
“cbBTC is constructed to be seamlessly appropriate with DeFi purposes, so customers can now faucet into novel DeFi use circumstances like offering their Bitcoin as liquidity to DeFi protocols, or utilizing it as collateral to borrow different crypto property.”
On the time, Coinbase mentioned cbBTC can be appropriate with many distinguished 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 accordance with knowledge 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 past 24 hours.
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