Following the debut of the product Thursday, Coinbase’s wrapped Bitcoin offering (cbBTC) has reached a market cap of $100 million in just one day. The figure showcases a clear surge in adoption within its first 24 hours. Moreover, there are many who predict that it could take some of WBTCs market share.
The product should also be massively important for overall activity on the Base platform. According to data from Dune Analytics, the supply of cbBTC has already surpassed 1,720 tokens. Subsequently, that supply accounts for a value of $99.8 million.
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Coinbase cbBTC Surges to $100 Million Market Cap in Just 24 Hours
Just yesterday, Coinbase announced the launch of a wrapped Bitcoin offering. In a press release, it noted the arrival of an ERC20 token that is fully backed, 1:1, by Bitcoin. The reserves are held by Coinbase, with both Base and Ethereum supporting the new cbBTC.
The product arrived at a tremendously positive reception. That is proven by its impressive adoption numbers. Coinbase’s wrapped Bitcoin offering has already reached a market cap of $100 million in just 24 hours. The new cbBTC is expected to have a massive impact on decentralized finance activities taking place on the Base network.
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Moonwell DeFi contributor Luke Youngblood took to X (formerly Twitter) to discuss the “gamechanging” product. He noted that the fungibility of the asset with Bitcoin on Coinbase could enable retail large-scale BTC holders to integrate the Base ecosystem on-chain.
However, the product didn’t debut without some skepticism. Tron founder Justin Sun referred to the launch as “Central Bank BTC” in a post to X. He noted that cbBTC integration could “pose major security risks to decentralized finance.” Yet, that didn’t derail the massive success that the wrapped Bitcoin has proven to be thus far.