this week’s token highlight is cbBTC - it lets you access Bitcoin’s value while tapping into DeFi across Ethereum, Base, Arbitrum and Solana
you can now claim some cbBTC in the Fluidkey app 💸
more about cbBTC below!
Bitcoin has established itself as the number one store of value cryptocurrency but it lacks the programmability of EVM chains
cbBTC you gives access to the best of both worlds: you can for example earn yield on your Bitcoin or borrow USDC against it
so what’s the catch?
unlike BTC which can be held without any intermediaries, cbBTC is custodied by Coinbase - you can think of it as USDC for Bitcoin
to verify cbBTC is backed 1:1, there is a proof of reserves page:
moving Bitcoin to EVM chains without going through a centralized exchange or paying extremely high fees is not straightforward
tBTC by @TheTNetwork is a great decentralized option to bridge Bitcoin to EVM chains
in our tests, bridging BTC to tBTC on Base and then swapping tBTC for cbBTC cost a total of 0.22% in fees
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