- Coinbase’s packaged Bitcoin product has surpassed the $1 billion market cap on Solana.
- The Solana value has continued to shine amid a broader growth within the crypto ecosystem.
The Coinbase Wrapped BTC (cbBTC) product, lately launched on the Solana blockchain, has reached the $1 billion market capitalization milestone. This replace comes amid will increase in Solana’s value and a growth within the Decentralized Finance (DeFi) sector.
Coinbase’s cbBTC debuts on Solana
Coinbase lately introduced in a X message that it has launched the cbBTC token on the protocol. In accordance with Coinbase, the cbBTC is an SPL token that’s backed 1:1 by Bitcoin (BTC) and held in escrow by the alternate. CNF reported that the cbBTC initially debuted on Base, Coinbase’s Layer-2 resolution, and the Ethereum community.
cbBTC is dwell on @solana.
cbBTC is an SPL token backed 1:1 by Bitcoin (BTC) held by Coinbase.
That is the primary token Coinbase has launched on Solana, and with it we’re excited to supply quick access to BTC.
Here is what you are able to do along with your cbBTC on day one ↓
— Coinbase 🛡️ (@coinbase) November 7, 2024
It’s price noting that Coinbase introduced the deployment of cbBTC at Solana throughout its Breakpoint occasion in late September in Singapore. cbBTC joins a rising record of packaged Bitcoin tokens on Solana, together with tBTC and WBTC (by way of Wormhole). That is along with upcoming belongings equivalent to zBTC from Zeus Community and sBTC from Stacks.
Notably, Coinbase’s cbBTC is already supported by distinguished Solana-based DeFi platforms. This consists of Jupiter Trade, Kamino Finance, Meteora AG, Jito Labs, Phoenix, Drift Protocol, Raydium, Orca, Save Finance and Manifest. Due to this fact, many anticipate it to play an essential function in Solana’s DeFi ecosystem, opening new vistas for liquidity and collateral in lending protocols.
Intriguingly, the Solana DeFi ecosystem has seen phenomenal development this yr. For instance, Solana’s Whole Worth Locked (TVL) is up 385% this yr, in line with the most recent figures. info from Artemis. On the time of penning this amounted to $7 billion.
Solana’s DeFi development is additional evidenced by cbBTC reaching $1 billion market cap in simply 9 weeks. Moreover, cbBTC has secured its place because the sixth largest wrapped asset. in line with to CoinMarketCap. The worth of the token has risen 0.85% within the final 24 hours and 9.8% within the final week.
Amongst BTC-backed belongings, cbBTC trails solely Wrapped Bitcoin (WBTC), demonstrating its growing acceptance amongst customers.
Solana’s present market efficiency
In the meantime, the value of SOL has risen by double digits over the previous seven days, fueled by BTC’s bull run. Consequently, the SOL rose to $198, nearly 23% decrease than its All-Time Excessive (ATH). On the time of writing, SOL is buying and selling at $200down 1.5% within the final 24 hours, however rose 20.8% within the weekly time-frame.
SOL is at present ranked because the 4th largest cryptocurrency, with a market cap of $94.5 billion. The 24-hour buying and selling quantity was $4.3 billion, reflecting a decline of 24%. Regardless of this decline, SOL’s worth and up to date value enhance indicated continued momentum. Skilled dealer Peter Brandt predicted Solana might push near $260 if the important resistance ranges are overcome.
Including cbBTC and different new belongings strengthens Solana’s place within the crypto market.