The Layer 2 had uptime, transactions and integrations, but BTCFi demand is moving through wrappers and institutions.
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cirBTC gives Circle a BTC wrapper, but the harder test is whether custody, reserves, liquidity, and redemption controls can win institutional use.
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Lombard Finance aims to produce a yield-bearing bitcoin token, and potentially unleash a new wave of liquidity into the DeFi ecosystem.
Some crypto community members have criticized Coinbase for not giving technical reasons for delisting WBTC and justifying its decision by citing Justin Sun-linked risks.
Wrapped Bitcoin was launched in 2019 to give Bitcoin investors an option to use the asset in decentralized finance applications.
Coinbase contends the delisting was based on a standard review of wBTC’s suitability to trade on the exchange.
Explore how trade-offs between centralization, security, and adoption are shaping wrapped Bitcoin protocols.
Announcement comes shortly after the exchange launched its own ‘wrapped’ bitcoin on Base – cbBTC
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.
The business plan for WBTC is to increase the outstanding amount by five to 10 times what is now, just under $10 billion – using a geographically diversified custodial setup that might be more appealing to buyers outside the U.S
Concerns about wBTC’s planned custody shakeup are overblown. For added safety, cbBTC is the best alternative.
The vote was passed with 88% in favor of offloading WBTC collateral from the Sky lending platform.
According to data from CryptoQuant, cbBTC circulation supply has outpaced long-established players seven days after launch.
The team behind Sky, formerly Maker, wants to drop WBTC due to what it claimed were recent changes in ownership and control “likely involving Justin Sun or affiliates.”
The proposal would effectively transfer control of WBTC to Threshold.
Coinbase’s step marks the latest significant institutional entrant to the field of BTCFi.
BitGo recently announced a new venture to diversify its Wrapped Bitcoin custodial locations, and Justin Sun’s involvement has caused some concern.
DLC.Link CEO Aki Balogh tells The Agenda how DeFi on Bitcoin will unlock BTC’s potential for collateral, yield farming and more.
Blockchain security firm Cyvers Alert reported that an unnamed crypto trader lost 1,155 Wrapped Bitcoin (WBTC), equivalent to $70.5 million worth, to address poisoning. The firm said: “Are we mistaken, or has someone truly lost $68 million worth of WBTC? Our system has detected another address falling victim to address poisoning, losing 1,155 WBTC.” Meir […]
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