Coinbase Brings Bitcoin to Solana, Spurring High Hopes for DeFi Surge
FTX's collapse left a gap in Solana's decentralized finance (DeFi) ecosystem, particularly for a bitcoin-backed token. Coinbase launched cbBTC on Solana, allowing easy swaps between the token and Solana wallets. This initiative aims to establish cbBTC as a standard for trading bitcoin on Solana, especially as bitcoin reaches new highs. The previous token, soBTC, failed after FTX's downfall, leaving Solana at a disadvantage compared to Ethereum DeFi. Coinbase's cbBTC has nearly $10 million ready for deployment, significantly more than competitors like 21.co and Threshold. Coinbase's entry into Solana DeFi marks its first native token issuance on this blockchain, aligning with its strategy to enhance bitcoin utility across various chains. Transfers from Coinbase to Base are free, while transfers to Solana incur a fee of 40 cents.
