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Percentage of Bitcoin supply locked in DeFi by the end of 2024
3
Resolution / Starting Odds
Less than 1% • 25%
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On-chain data from DeFi Pulse or similar DeFi analytics platforms
Story
Coinbase to Implement Proof of Reserves for Bitcoin Wrapper Token $cbBTC with Chainlink
Sep 30, 2024, 10:01 PM
Coinbase has announced plans to implement proof of reserves for its Bitcoin wrapper token, $cbBTC. This move aims to enhance transparency and boost user confidence in the asset. The integration of Chainlink's Proof of Reserve by 21(.)co will automate real-time reserve verification, preventing malicious minting. Currently, 1% of Bitcoin’s supply is locked in DeFi, driven by growing demand for Bitcoin yield and Coinbase’s new Bitcoin-pegged token, $cbBTC. This announcement was made on September 30.
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