🌎 Coinbase and Solv Protocol Launch Bitcoin Staking on Base with cbBTC

Binance Labs-backed Solv Protocol is introducing Bitcoin staking to Base through the newly launched Coinbase wrapped Bitcoin token, cbBTC.

On Sept. 12, Coinbase announced that its cbBTC token is now live on Ethereum and the layer 2 chain Base. Solv Protocol shared the news of its launch of Bitcoin staking on Base through a press release.

The platform states that the introduction of the cbBTC token, backed 1:1 by BTC holdings on Coinbase, provides an additional opportunity for users on Base to utilize their Bitcoin in the decentralized finance market.

How to Participate in DeFi with cbBTC

According to Solv Protocol, cbBTC holders can engage in DeFi opportunities by minting SolvBTC. This allows users to expand their market participation by converting SolvBTC into SolvBTC.BBN, a liquid staking token that offers access to further Bitcoin staking yields.

Integrating cbBTC as a reserve asset is a crucial step towards unifying Bitcoin liquidity and making the Bitcoin DeFi experience more accessible.

Ryan Chow, co-founder of Solv Protocol, emphasizes the significance of this integration for broader user engagement.

Benefits of cbBTC

Coinbase’s launch of cbBTC enables BTC holders to convert their assets to the new wrapped token, similar to how BTC holders have used wrapped Bitcoin (wBTC).

For cbBTC, the process involves transferring Bitcoin from user accounts to either Base or Ethereum addresses. The BTC converts to cbBTC, which can then be utilized across various DeFi protocols such as MakerDAO, Aave, and Compound.

Solv Protocol enhances this growing market with its liquid staking token, SolvBTC, offering more options for Bitcoin staking.