As a seasoned analyst with years of experience in the crypto space, I find this development between Binance Labs-backed Solv Protocol and Coinbase highly intriguing. The integration of cbBTC into Base and the subsequent introduction of Bitcoin staking opportunities is a significant stride towards unifying Bitcoin liquidity and making DeFi more accessible to a broader audience.
Through backing from Binance Labs, Solv Protocol introduces Bitcoin staking on the Base platform using the freshly introduced Coinbase-wrapped Bitcoin token, known as cbBTC.
As an analyst, I’m excited to share that starting from September 12th, Coinbase’s cbBTC token is now operational on Ethereum (ETH) and the layer 2 chain, Base. Additionally, Solv Protocol has announced the launch of Bitcoin (BTC) staking on Base, a development they have shared through a press release with crypto.news.
On Base, you’ll find an announcement about the introduction of the cbBTC token. This token is linked 1-to-1 with Bitcoins stored on Coinbase, providing users a new chance to utilize their Bitcoin within the decentralized financial market.
cbBTC holders to mint SolvBTC to participate in DeFi
As per Solv Protocol, those who hold cbBTC have the option to participate in DeFi ventures by creating SolvBTC. Importantly, this converted SolvBTC can then be transformed into SolvBTC.BBN, a liquid staking token that grants users additional chances to gain Bitcoin staking rewards.
Incorporating cbBTC as a backup resource represents a major advancement in linking Bitcoin’s liquidity, aiming to make the decentralized finance (DeFi) journey using Bitcoin more approachable for users.
Ryan Chow, co-founder of Solv Protocol.
As a crypto investor, I’m excited about the latest development from Coinbase. They’ve introduced cbBTC, which enables me, as a Bitcoin holder, to transform my assets into this new wrapped token. It’s similar to what Bitcoin holders have already done with Wrapped Bitcoin (WBTC).
For cbBTC, the procedure entails moving Bitcoin from individual user wallets to either Base or Ethereum wallets. The Bitcoin then gets converted into cbBTC, which can be utilized within DeFi platforms like MakerDAO (MKR), Aave (AAVE), and Compound (COMP).
Solv Protocol adds to this growing market with its liquid staking token, SolvBTC.
Platforms like Lombard Finance, Swell, and AcreBTC also provide the Bitcoin community with options for staking or reinvesting their holdings in a liquid manner.
Read More
Sorry. No data so far.
2024-09-12 18:28