Synthetix launches multi-collateral perps on Base amid revamp
The DeFi protocol also launched an in-house perpetuals trading app.
Auto Added by WPeMatico
The DeFi protocol also launched an in-house perpetuals trading app.
Coinbase contends the delisting was based on a standard review of WBTC’s suitability to trade on the exchange.
Coinbase has already discontinued market trading of WBTC and is only facilitating limit orders.
The deployment will allow users to utilize Bitcoin in Solana’s burgeoning DeFi ecosystem, according to Coinbase.
An Apollo Crypto report links DeFi resurgence to US Federal Reserve rate cuts, China’s credit expansion and improved DeFi infrastructure.
Adding proof of reserves will head off concerns about Coinbase’s perceived lack of transparency.
WBTC is still the most popular Bitcoin wrapper, with nearly $10 billion in TVL, according to DefiLlama.
The integration comes as other Bitcoin wrappers face scrutiny for custody practices.
Coinbase’s cbBTC is backed at a 1:1 ratio with Bitcoin, which serves as the underlying asset for the tokenized BTC wrapper.
Wrapped Bitcoin products allow users to retain asset control while using Bitcoin as collateral for decentralized finance applications.
