Layer 2 Base is set to enjoy increased network activity following Coinbase’s launch of its new Bitcoin wrapper, cbBTC. This crypto exchange announced that the cbBTC token will be offered on Base, opening up a world of possibilities for Bitcoin holders on the layer 2 network. This development comes amid the network’s recent milestone, in which it surpassed Arbitrum and Ethereum in daily transactions.
Layer 2 Base To Gain More Traction With cbBTC Launch
Base is set to gain more traction following the launch of Coinbase’s wrapped Bitcoin, cbBTC. Coinbase’s announcement noted that the wrapped BTC token will be supported on the layer 2 network and Ethereum. cbBTC, an ERC20 token, will be backed 1:1 by Bitcoin held by the crypto exchange. The announcement highlighted how it will give BTC holders more economic freedom in how they use their holdings.
This development is expected to increase liquidity and engagement on Base as Bitcoin holders explore the decentralized finance (DeFi) lan
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