On September 21, Coinbase announced the launch of wrapped Bitcoin (cbBTC) on the Solana blockchain. This is a significant development for the decentralized finance (DeFi) market, as it opens up new possibilities for Bitcoin to be used in the Solana ecosystem.
What is cbBTC?
Wrapped Bitcoin (cbBTC) is a token that is equivalent to Bitcoin but functions on the Solana network. Users can deposit their $BTC and receive cbBTC for use in Solana's decentralized applications, such as the borrowing platform, trading, and liquidity.