Coinbase Brings Bitcoin to Solana, Spurring High Hopes for DeFi Surge
Coinbase has introduced cbBTC to the Solana blockchain, enabling users to trade Bitcoin-backed tokens directly on Solana through the cbBTC token. This move aims to fill the gap left by the collapse of soBTC, previously controlled by FTX, which had hindered Solana’s decentralized finance (DeFi) ecosystem. With nearly $10 million worth of cbBTC ready for deployment, there is optimism that this will boost BTC liquidity on Solana and rejuvenate its DeFi space, potentially positioning cbBTC as a standard for Bitcoin trading on the platform.
