Crypto exchange Coinbase announced on Thursday that it has launched its synthetic Bitcoin token, cbBTC token, on the Solana network, marking its first token issuance on the Layer-1 platform.
Coinbase announced its wrapped Bitcoin token, cbBTC, is now live on the Solana network. cbBTC is the first Coinbase token to launch on the Solana ecosystem. Investors can leverage cbBTC to access Bitcoin 's high liquidity across Solana-based protocols. The new token will allow users to stake Bitcoin on Solana and use it as lending collateral. cbBTC goes live on the Solana network Coinbase revealed that it has issued cbBTC on the Solana blockchain.
The announcement has stirred the attention of several crypto community members who suggested that the launch may be great for the Solana DeFi ecosystem. Better wrapped BTC liquidity has many second-order effects for the Solana defi eco. Improved BTC liquidity leads to better BTC-PERP liquidity as it enables basis traders to arb funding rates with larger size, said Lil Perp, co-founder of Drift Protocol.
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