Coinbase Wrapped
Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin (cbBTC)
Hits $1
Billion Market
Cap in 57 Days
Coinbase’s Wrapped Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin (cbBTC) has soared to a $1 billion market cap in
just 57 days since its launch.
This growth trajectory effectively represents almost 10% of the Wrapped
Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin ( WBTC ) market cap, which currently sits at $12.88 billion, according
to CoinMarketCap.
Coinbase’s cbBTC At $1 Billion Market Cap
Data on Dune shows the cbBTC Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin wrapper has a market capitalization of
$1.04 billion as of this writing. The majority of this value is held on
Ethereum• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Ethereum at $855.43 million, followed by Base Layer-2 blockchain• Информационные технологии » Информационно-коммуникационные технологии » Информационные технологии и телекоммуникации » Базы данных » Публичная база транзакций » Блокчейн
• Высокие технологии » Информационные технологии и телекоммуникации » Базы данных » Публичная база транзакций » Блокчейн and finally
Solana .
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Specifically, out of a total cbBTC supply of 14,678.95, over 12,000 are held
on Ethereum• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Ethereum. Meanwhile, Base and Solana hold 2,388 and 262 tokens,
respectively. Coinbase’s cbBTC Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin Wrapper Supply and Market Cap Chart.
Source: Dune
As a Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin wrapper, cbBTC allows BTC to be represented on other blockchain• Информационные технологии » Информационно-коммуникационные технологии » Информационные технологии и телекоммуникации » Базы данных » Публичная база транзакций » Блокчейн
• Высокие технологии » Информационные технологии и телекоммуникации » Базы данных » Публичная база транзакций » Блокчейн
networks. Its rise highlights an important trend: Ethereum• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Ethereum-based assets
experience faster net supply changes than other leading Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin liquid staking
tokens (LSTs). These include eBTC, solvBTC, BBN, and pumpBTC, among others.
“The network effect is unbeatable. They can offer rebate/discount/businesses
for MMs/Funds in their diversified line of business• Экономика » Бизнес to bootstrap liquidity,
adoption very easily,” said Tom Wan, an on-chain data researcher.
This swift growth, occurring just over two months after launch, signifies a
notable demand for Coinbase’s wrapped Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin product. The pace also reflects
an escalating preference for cross-chain compatibility within decentralized
finance• Экономика » Финансы » Процентный доход ( DeFi ).
It comes as users and protocols look for more accessible and flexible
Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin-pegged assets. Coinbase first revealed cbBTC’s planned debut on Base
in mid-August.
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The product inadvertently presented as a prospective market rival to Wrapped
Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin (WBTC) . The Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin wrapper has also seen increased support and
interest• Экономика » Финансы » Процентный доход across decentralized finance• Экономика » Финансы » Процентный доход (DeFi).
The idea of a Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin wrapper is to expand users access to BTC. For
instance, with cbBTC on Solana , holders can leverage the network’s reduced
fees and high transaction speeds.
These metrics are especially relevant for high-frequency DeFi transactions.
Aave , a leading DeFi protocol, is already targeting cbBTC for its V3
Protocol.
At inception, cbBTC drew attention from venture capitalists like Dan Elitzer.
In August, the VC predicted that cbBTC would be “super strategic” for
Coinbase. He also said it could outpace WBTC’s supply within six months.
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“Frankly, I’m surprised they didn’t ship this years ago,” Elitzer remarked .
Elitzer also emphasized that cbBTC’s introduction could encourage DeFi users
to seek more decentralized Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin-wrapped options, given the “mishandling” of
WBTC by Justin Sun-affiliated management.
Controversy Surrounding Coinbase’s PoR for cbBTC
Indeed, Coinbase’s cbBTC s advent came against the backdrop of the WBTC
controversy involving Justin Sun. WBTC, once the go-to solution for wrapped
Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin on Ethereum• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Ethereum, has faced growing skepticism due to concerns over its
management and transparency under Justin Sun’s influence .
The rapid rise of cbBTC has not been without controversy. Coinbase’s approach
to transparency and Proof of Reserves (PoR) has invited scrutiny. Critics, in
particular, remain a bone of contention.
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Duo Nine, a popular user on X, warned that Coinbase’s reliance on users’ trust
without providing concrete proof of BTC reserves could lead to a collapse
similar to the FTX downfall. This outcome, he articulated, was contingent on
Coinbase minting more cbBTC than it could back.
“They will not provide any proof of reserves for the BTC they *claim* they
have, nor any proof of backing for their new paper BTC called cbBTC. If they
print too much paper BTC they will go the FTX route,” Duo Nine said .
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Justin Sun echoed the sentiment, raising questions regarding Coinbase’s
decision to forgo standard reserve audits for cbBTC. The Tron executive argued
that this lack of transparency introduces significant risk. Against such
fears, Coinbase’s custodial practices came into question, prompting BlackRock
to revise its custody agreement with the exchange.
This unease may have steered users towards alternatives like cbBTC, which some
see as a “safer” wrapped Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin option with Coinbase’s backing. As cbBTC
attracts more support, it poses an increasing threat to WBTC’s long-standing
dominance. Whether cbBTC will eventually surpass WBTC remains to be seen, but
its rapid growth signals a significant shift in user preferences within DeFi.
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