- Coinbase will launch its cbBTC token on Solana, enhancing DeFi activity on the blockchain.
- The $BONK ETP meme coin is entering the U.S. market, appealing to seasoned investors and newcomers.
Hassan Ahmed, Country Director of Coinbase, announced at Solana Breakpoint 2024 held on September 20-21 in Singapore, that Coinbase plans to introduce its native cbBTC token to the Solana blockchain. This announcement has sparked excitement among crypto investors, as it signals a strategic expansion for the cbBTC token.
Originally launched on the Ethereum network through Base, a Layer 2 scaling solution, cbBTC has gained traction among Bitcoin holders. The move to Solana could significantly enhance decentralized finance (DeFi) activity on this high-performance blockchain, which is renowned for its fast transaction speeds and low fees.
As of September 19, 2024, data from Dune Analytics shows that the supply of cbBTC on Ethereum and Base stands at 1,090 and 879 respectively, totaling 1,969 tokens. This total supply is valued at approximately $124.94 million. Notably, cbBTC is an ERC20 token that is backed 1:1 by Bitcoin held by Coinbase, ensuring its value stability. As of September 13, cbBTC reached a market cap of $100M since its launch.
The introduction of cbBTC on Solana not only expands its utility but also reflects Coinbase‘s commitment. To enhance the interoperability of digital assets across different blockchains. This initiative could attract more Bitcoin holders to explore DeFi opportunities, further integrating Bitcoin into the evolving crypto ecosystem. The launch date and additional details are yet to be revealed.
Solana meme coin $BONK ETP launches in the U.S
The Solana meme coin $BONK ETP is set to launch in the U.S. As a playful addition to the Solana ecosystem, $BONK aims to tap into the growing trend of meme-based cryptocurrencies.
This launch is expected to attract both seasoned investors and newcomers looking for fun and engaging investment opportunities. With Solana’s fast transaction speeds and low fees, $BONK ETP could further enhance the vibrant DeFi landscape, encouraging interaction and participation within the Solana community.
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