Coinbase Announces Plans to Bring cbBTC to the Solana Network.
A specific release date has not been announced.
cbBTC currently has a market Capital of around $137 million.
Coinbase appreciates Firedancer's Vai in enhancing the decentralization of Solana.
cbBTC On Solana: Coinbase's Strategic Move
Hassan Ahmed, Coinbase Country Manager for Singapore, Chia during a Breakpoint discussion: “We recently launched cbBTC on Base, but our users love Solana, and so do we.” However, Ahmed did not give a specific schedule for when cbBTC will be available on Solana.
cbBTC’s expansion to Solana marks a major step in Coinbase’s strategy to increase its presence in the rapidly growing DeFi ecosystem.
cbBTC, an ERC-20 Token backed 1:1 by bitcoin held by Coinbase, is designed for users who want to provide bitcoin liquidation to DeFi protocols in the Ethereum and Base ecosystems, or for those who want to use it as collateral.
cbBTC currently has a market Capital of around $137 million, according to data from CoinGecko. This figure could increase significantly once the Token is launched on the Solana network, one of the most popular blockchains today.
Coinbase And The Firedancer Vision
Alongside the cbBTC announcement, Ahmed also expressed his impression of Jump Crypto ’s work on Firedancer, a new validator client for Solana. “Client diversity is one of the core components of the Nakamoto coefficient,” Ahmed said. “So once Frankendancer and Firedancer are live, this will be a major upgrade in the decentralization of the Solana network.”
Frankendancer, a prototype of Firedancer, has been launched on Solana 's Primary Network , while Firedancer is running on the testnet. Liam Heeger, Firedancer's blockchain engineer, said that the full version of Firedancer has been running intermittently for about two months, but is not yet ready for general use and production.
Coinbase bringing cbBTC to Solana could bring several benefits:
Increased Flexibility : Users will have more options in using Bitcoin on DeFi platforms.
Expanding the Ecosystem : Solana can attract more projects and users from the Bitcoin ecosystem.
Competing With Wrapped Bitcoin (WBTC) : cbBTC could become a formidable competitor to WBTC, the most popular wrapped Bitcoin Token today.
Increased Decentralization : With the help of Firedancer, Solana can significantly improve its decentralization.
Coinbase’s plans to bring cbBTC to Solana, along with the development of Firedancer, mark a major step forward in connecting different blockchain ecosystems and increasing decentralization. These moves not only open up new opportunities for users and developers, but could also spur broader development and adoption of blockchain and DeFi technology.
As the lines between blockchains continue to blur, initiatives like Coinbase and Jump Crypto could be key to shaping the future of the cryptocurrency industry. By combining the power of Bitcoin, the versatility of Solana , and the innovation of Firedancer, we could be witnessing the first steps of a true cryptocurrency revolution.
The article Coinbase “Breaking Barriers” With Plans to Bring cbBTC to Solana: Is the Crypto Revolution Coming? appeared first on Coin79 - Update Coin News and Crypto Investment Knowledge .
