🚨Wrapped Bitcoin Token Reaches Top 3 in One Week:

Coinbase's cbBTC has made a remarkable debut becoming the third-largest wrapped Bitcoin token in just one week.With nearly 2,000 tokens in circulating supply it has surpassed established players like Huobi BTC and renBTC which have been around since 2020 .

This rapid growth is largely attributed to Coinbase's substantial Bitcoin reserves exceeding 1 million BTC The majority of cbBTC about 64% is based on the Ethereum network and is actively used on decentralized exchanges like Uniswap.This integration has contributed to an increase in Coinbase's revenue with fees generated on its layer-1 blockchain Base rising by 148% to $53 million in the second quarter of 2024 .

- Largest Wrapped Bitcoin Token:

BitGo's wBTC with around 153,000 tokens in circulation

- Second-Largest Wrapped Bitcoin Token:

tBTC with approximately 3,400 tokens

- Third-Largest Wrapped Bitcoin Token:

Coinbase's cbBTC with nearly 2,000 tokens

The wrapped token race is heating up with BitGo expanding its wBTC presence across networks and geographies Will Coinbase's cbBTC continue to grow and challenge the dominance of established players? Only time will tell!