• The wrapped Bitcoin product from Coinbase has topped the $1 billion market cap on Solana.
• Solana value has continued to shine amid a broader crypto ecosystem growth.

Just lately launched on the Solana blockchain, the Coinbase Wrapped BTC (cbBTC) product has hit the $1 billion market capitalization milestone. This replace comes amid surges in Solana’s value and a growth within the Decentralized Finance (DeFi) sector. 

Coinbase’s cbBTC Debuts on Solana

Coinbase just lately introduced in an X publish that it has launched the cbBTC token on the protocol. Based on Coinbase, the cbBTC is an SPL token backed 1:1 by Bitcoin (BTC) and held in custody by the trade. CNF reported that the cbBTC initially debuted on Base, Coinbase’s Layer-2 resolution, and the Ethereum community.

cbBTC is stay on @solana.

cbBTC is an SPL token that’s backed 1:1 by Bitcoin (BTC) held in custody by Coinbase.

That is the primary token Coinbase has issued on Solana, and with it, we’re excited to convey easy accessibility to BTC.

Right here’s what you are able to do together with your cbBTC on day one ↓

— Coinbase 🛡️ (@coinbase) November 7, 2024

It’s value noting that Coinbase introduced the deployment of cbBTC to Solana throughout its Breakpoint occasion in Singapore in late September. cbBTC joins a rising checklist of wrapped Bitcoin tokens on Solana, together with tBTC and WBTC (through Wormhole). That is along with upcoming property like 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 Alternate, Kamino Finance, Meteora AG, Jito Labs, Phoenix, Drift Protocol, Raydium, Orca, Save Finance, and Manifest. Due to this fact, many anticipate it’ll play an essential function in Solana’s DeFi ecosystem, opening up new prospects for liquidity and collateral in lending protocols.

Intriguingly, the Solana DeFi ecosystem has skilled phenomenal progress this 12 months. As an illustration, Solana’s Whole Worth Locked (TVL) elevated by 385% year-to-date, in accordance with the most recent knowledge from Artemis. At press time, it stood at $7 billion.

Solana’s DeFi progress is additional evidenced in cbBTC reaching the $1 billion market cap in simply 9 weeks. Moreover, cbBTC has secured its place because the sixth-largest wrapped asset, in accordance to CoinMarketCap. The token’s value elevated by 0.85% within the final 24 hours and 9.8% prior to now week. 

Amongst BTC-backed property, cbBTC solely trails behind Wrapped Bitcoin (WBTC), demonstrating its rising adoption amongst customers.

Solana’s Present Market Efficiency

In the meantime, the value of SOL has risen by double digits within the final seven days, fueled by BTC’s bull run. Consequently, SOL rallied to $198, nearly 23% decrease than its All-Time Excessive (ATH). At press time, SOL is buying and selling at $200, down 1.5% within the final 24 hours, however elevated by 20.8% within the weekly timeframe.

SOL is at present ranked the 4th-largest cryptocurrency, with a market capitalization of $94.5 billion. The 24-hour buying and selling quantity stood at $4.3 billion, reflecting a 24% drop. Regardless of this fall, SOL’s worth and up to date value enhance indicated its ongoing momentum. Veteran dealer Peter Brandt predicted Solana might push near $260 upon overcoming crucial resistance ranges. 

Including cbBTC and different new property strengthens Solana’s place within the crypto market.