{"id":4163,"date":"2024-11-11T03:32:22","date_gmt":"2024-11-11T03:32:22","guid":{"rendered":"https:\/\/solanacrypto.news\/2024\/11\/11\/solana-sols-defi-ecosystem-gets-a-boost-with-coinbase-wrapped-bitcoin-integration\/"},"modified":"2024-11-11T03:32:22","modified_gmt":"2024-11-11T03:32:22","slug":"solana-sols-defi-ecosystem-gets-a-boost-with-coinbase-wrapped-bitcoin-integration","status":"publish","type":"post","link":"https:\/\/solanacrypto.news\/2024\/11\/11\/solana-sols-defi-ecosystem-gets-a-boost-with-coinbase-wrapped-bitcoin-integration\/","title":{"rendered":"Solana SOL\u2019s DeFi Ecosystem Gets a Boost with Coinbase-Wrapped Bitcoin Integration"},"content":{"rendered":"<div>\n<div class=\"wp-block-group key-takeaway has-text-50-background-color has-background is-layout-constrained wp-block-group-is-layout-constrained\">\n<p class=\"has-green-500-color has-text-color has-link-color has-base-font-size wp-elements-2a54866080e7eb42de27652dfadc4a9d\" style=\"font-style:normal;font-weight:500\"><strong>Key takeaways<\/strong><\/p>\n<ul class=\"wp-block-list\">\n<li>Coinbase has launched its wrapped Bitcoin (cbBTC) on <strong>Solana to strengthen its DeFi ecosystem<\/strong>.<\/li>\n<li>cbBTC is backed 1:1 by Bitcoin and <strong>will work on several decentralized protocols<\/strong>.<\/li>\n<li>Solana\u2019s DeFi has grown significantly in 2024, <strong>with its total value locked (TVL) rising by 250%<\/strong>.<\/li>\n<li>cbBTC competes with other wrapped Bitcoin tokens, <strong>including BitGo\u2019s Wrapped Bitcoin (WBTC)<\/strong>.<\/li>\n<\/ul>\n<\/div>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"aligncenter wp-image-3560377 \" src=\"https:\/\/techreport.com\/wp-content\/uploads\/2024\/07\/Screenshot-2024-07-22-at-9.20.05%E2%80%AFPM-1200x614.png?_t=1731290865\" alt=\"Solana SOL\u2019s DeFi Ecosystem Gets a Boost with Coinbase-Wrapped Bitcoin Integration\" width=\"750\" height=\"384\" srcset=\"https:\/\/techreport.com\/wp-content\/uploads\/2024\/07\/Screenshot-2024-07-22-at-9.20.05\u202fPM-1200x614.png 1200w, https:\/\/techreport.com\/wp-content\/uploads\/2024\/07\/Screenshot-2024-07-22-at-9.20.05\u202fPM-300x153.png 300w, https:\/\/techreport.com\/wp-content\/uploads\/2024\/07\/Screenshot-2024-07-22-at-9.20.05\u202fPM-150x77.png 150w, https:\/\/techreport.com\/wp-content\/uploads\/2024\/07\/Screenshot-2024-07-22-at-9.20.05\u202fPM-768x393.png 768w, https:\/\/techreport.com\/wp-content\/uploads\/2024\/07\/Screenshot-2024-07-22-at-9.20.05\u202fPM-777x397.png 777w, https:\/\/techreport.com\/wp-content\/uploads\/2024\/07\/Screenshot-2024-07-22-at-9.20.05\u202fPM.png 1474w\" sizes=\"(max-width: 750px) 100vw, 750px\"\/><\/p>\n<h2><b>Coinbase Expands DeFi with Wrapped Bitcoin on Solana<\/b><\/h2>\n<p><span style=\"font-weight: 400\">Coinbase has taken a step to enhance the decentralized finance (DeFi) landscape by launching its WBTC on Solana.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">In an <\/span><a target=\"_blank\" href=\"https:\/\/x.com\/coinbase\/status\/1854570363046576566\" rel=\"dofollow noopener\"><span style=\"font-weight: 400\">X post<\/span><\/a><span style=\"font-weight: 400\">, the company said that this new token, cbBTC, <\/span><b>is the first-ever wrapped Bitcoin created by Coinbase for the Solana network<\/b><span style=\"font-weight: 400\">.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">It is backed 1:1 by actual Bitcoin, ensuring users can use Bitcoin within Solana\u2019s growing DeFi ecosystem.<\/span><\/p>\n<p><span style=\"font-weight: 400\">According to Coinbase, this move will help people access Bitcoin more easily in decentralized applications (dApps) running on Solana. The product is listed on several Solana DEX platforms. <\/span><b>It can be accessed on platforms like Jupiter, Raydium, Drift, and other Solana-based DeFi protocols<\/b><span style=\"font-weight: 400\">.\u00a0<\/span><\/p>\n<h3><b>A New Era for Wrapped Bitcoin in DeFi<\/b><\/h3>\n<p><span style=\"font-weight: 400\">WBTC on Solana isn\u2019t entirely new. However, Coinbase\u2019s version aims to fill the gap left by soBTC, <\/span><b>an earlier wrapped Bitcoin that collapsed during the <a target=\"_blank\" href=\"https:\/\/techreport.com\/cryptocurrency\/all-about-ftx-crypto-contagion\/\" rel=\"dofollow noopener\">FTX exchange crisis<\/a><\/b><span style=\"font-weight: 400\">. Unlike soBTC, Coinbase\u2019s wrapped Bitcoin aims for stability and reliability.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The demand for wrapped Bitcoin on Solana comes as other forms of wrapped BTC, like tBTC, zBTC, and WBTC, gain traction. These wrapped assets allow Bitcoin to be used in different blockchain ecosystems.<\/span><\/p>\n<p><b>Coinbase\u2019s version is expected to compete with BitGo\u2019s Wrapped Bitcoin, which currently has a market cap of $11 billion<\/b><span style=\"font-weight: 400\">. <\/span><span style=\"font-weight: 400\">Meanwhile, Coinbase <\/span><a target=\"_blank\" href=\"https:\/\/x.com\/solana\/status\/1837338949955768613\" rel=\"dofollow noopener\"><span style=\"font-weight: 400\">introduced<\/span><\/a><span style=\"font-weight: 400\"> cbBTC at the Breakpoint event in September. <\/span><b>Its goal is to make cbBTC one of the largest programmable Bitcoin assets in DeFi<\/b><span style=\"font-weight: 400\">.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Already, 135 cbBTC tokens, worth about $10 million, have been deployed to Solana, as shown in <\/span><a target=\"_blank\" href=\"https:\/\/solscan.io\/token\/cbbtcf3aa214zXHbiAZQwf4122FBYbraNdFqgw4iMij\" rel=\"dofollow noopener\"><span style=\"font-weight: 400\">Solscan<\/span><\/a><span style=\"font-weight: 400\">, the blockchain explorer.<\/span><\/p>\n<h2><b>Solana\u2019s DeFi Growth and Future Prospects<\/b><\/h2>\n<p><span style=\"font-weight: 400\">Solana\u2019s decentralized finance sector has been growing rapidly throughout 2024. According to <\/span><a target=\"_blank\" href=\"https:\/\/defillama.com\/chain\/Solana\" rel=\"dofollow noopener\"><span style=\"font-weight: 400\">DefiLlama<\/span><\/a><span style=\"font-weight: 400\">, <\/span><b>the total value locked (TVL) in Solana\u2019s DeFi protocols increased by 250%, reaching $8.25 billion by the end of the year<\/b><span style=\"font-weight: 400\">.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">This significant growth marks a recovery for Solana, <\/span><b>which faced challenges in previous years, especially after soBTC collapsed<\/b><span style=\"font-weight: 400\">. The launch of cbBTC is part of Solana\u2019s effort to strengthen its DeFi market, and Coinbase\u2019s entry is expected to add momentum to this push.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Despite Solana\u2019s rapid growth, Ethereum still dominates the DeFi market, with a TVL of $60 billion in 2024. However, Ethereum\u2019s recovery has been slower, <\/span><b>with a 72% increase this year, a far cry compared to Solana\u2019s 250% surge<\/b><span style=\"font-weight: 400\">.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">This rapid growth gives Solana a competitive edge in attracting more users and investors to its DeFi protocols.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">As a result of the cbBTC launch, Solana\u2019s price has also reacted positively, <\/span><b>rising by 3.4% since the announcement<\/b><span style=\"font-weight: 400\">. According to <\/span><a target=\"_blank\" href=\"https:\/\/www.coingecko.com\/en\/coins\/solana\" rel=\"dofollow noopener\"><span style=\"font-weight: 400\">CoinGecko<\/span><\/a><span style=\"font-weight: 400\">, SOL reached $203 during early trading on November 8.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Coinbase\u2019s launch of wrapped Bitcoin on Solana marks a significant step for Solana\u2019s DeFi growth and Bitcoin\u2019s usability across blockchains.\u00a0<\/span><\/p>\n<div class=\"google-news\">\n<div class=\"google-news__wrapper\">\n<div class=\"google-news__text\">\n<div class=\"google-news__heading\">\n<h3>Add Techreport to Your Google News Feed<\/h3>\n<\/p><\/div>\n<p>Get the latest updates, trends, and insights delivered straight to your fingertips. 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With a keen eye for detail and a commitment to thorough research, she delivers timely and insightful news articles that keep her readers informed about the rapidly evolving digital economy.<\/p>\n<\/p><\/div>\n<p>    <a target=\"_blank\" href=\"https:\/\/techreport.com\/author\/ridagullshah\/\" class=\"author-card-link\" rel=\"noopener\"><br \/>\n        View all articles by Rida Fatima<br \/>\n        <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"8\" height=\"13\" viewbox=\"0 0 8 13\" fill=\"none\">\n            <path d=\"M1.5 11.9297L6.5 6.92969L1.5 1.92969\" stroke=\"#080C2D\" stroke-width=\"2\" stroke-linecap=\"round\" stroke-linejoin=\"round\"\/>\n        <\/svg><br \/>\n    <\/a>\n<\/div>\n<div class=\"editorial-process\">\n<div class=\"editorial-process__content\">\n<p>The Tech Report\u00a0editorial policy\u00a0is centered on providing helpful, accurate content that offers real value to our readers. We only work with experienced writers who have specific knowledge in the topics they cover, including latest developments in technology, online privacy, cryptocurrencies, software, and more. Our editorial policy ensures that each topic is researched and curated by our in-house editors. We maintain rigorous journalistic standards, and every article is 100% written by\u00a0real authors.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Key takeaways Coinbase has launched its wrapped Bitcoin (cbBTC) on Solana to strengthen its DeFi ecosystem. cbBTC is backed 1:1 by Bitcoin and will work on several decentralized protocols. Solana\u2019s DeFi has grown significantly in 2024, with its total value locked (TVL) rising by 250%. cbBTC competes with other wrapped Bitcoin tokens, including BitGo\u2019s Wrapped [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":4164,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rank_math_lock_modified_date":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-4163","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/posts\/4163","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/comments?post=4163"}],"version-history":[{"count":0,"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/posts\/4163\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/media\/4164"}],"wp:attachment":[{"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/media?parent=4163"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/categories?post=4163"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/tags?post=4163"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}