Coinbase’s newly launched cbBTC nears a 100M market cap within 24 hrs of launch.
Nansen CEO praised cBTC’s rapid adoption, predicting its influence on Base network’s assets.
Coinbase’s newly launched wrapped Bitcoin product, cbBTC, has quickly gained traction, amassing a market capitalization of nearly $100 million within its first 24 hours.
According to Dune Analytics, cbBTC’s circulating supply stands at 1,720 tokens, valued at $99.8 million. Of this, 43% is held on Base, Coinbase’s layer-2 network, while 57% is on Ethereum.
Industry analysts believe cbBTC could significantly enhance DeFi activities on Base. Luke Youngblood from Moonwell DeFi highlighted that cbBTC’s compatibility with Bitcoin on Coinbase could allow substantial retail and institutional Bitcoin holdings over $20 billion and $200 billion, to seamlessly integrate with Base’s ecosystem.
Nansen CEO Alex also praised cbBTC’s rapid adoption, predicting it will greatly boost total assets on th
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