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Coinbase Wrapped Bitcoin cbBTC Goes Live on Solana, Tapping DeFi Hype

Coinbase just rolled out its wrapped Bitcoin (cbBTC) onto Solana, expanding beyond its usual Ethereum playground. This SPL token, the first of its kind from Coinbase on Solana, hits the blockchain scene right when DeFi on Solana is surging. Wrapped Bitcoin’s now out here on a speed demon network, giving BTC holders fresh chances to dip into Solana’s DeFi pools, lend some stashed coins, or trade on decentralized exchanges.

Now cbBTC, pegged 1:1 to real-deal Bitcoin, unlocks BTC’s action for those tired of Ethereum’s fees and wait times. Coinbase isn’t just dipping its toe—it’s slamming down roots with cbBTC, betting on Solana’s relentless DeFi pulse to keep users glued.

DeFi Titans Set for Clash: cbBTC vs. WBTC on New Frontiers

cbBTC isn’t just here to chill; it’s shaking up the market and going toe-to-toe with BitGo’s heavyweight WBTC. Launched way back in 2019, WBTC dominates wrapped BTC with $11 billion on the books. But Coinbase has a secret sauce—its reputation, tech cred, and now cbBTC’s billion-dollar rise since September have brought it into the same arena. This Solana jump signals Coinbase is ready to wrestle for BTC’s wrapped dominance.

As for Solana’s past wrapped Bitcoin star, soBTC, its shine faded after FTX imploded last year. With soBTC struggling post-collapse, Solana folks are hyped on cbBTC as a new way to bring Bitcoin liquidity back to Solana, free from the wreckage of FTX’s shadow.

Drift and Orca Welcome Wrapped BTC Into Solana’s Fast Lane

Solana DeFi platforms like Drift and Orca threw the gates wide open for cbBTC. Drift, for one, hyped it on Twitter (or “X” now, as they say), calling cbBTC the new collateral game-changer. Solana’s known for handling mega transactions at blinding speed, and cbBTC’s arrival brings an extra boost to those projects needing more liquidity without the lag.

Coinbase teased cbBTC’s Solana plans back in September at the Solana Breakpoint event in Singapore. Hassan Ahmed, Coinbase’s Singapore Director, dubbed the expansion a “no-brainer,” hinting at Coinbase’s big multi-chain ambitions. “Our users love Solana, and so do we,” Ahmed shared, making it clear that cbBTC on Solana could be just the start.