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What will be the impact of cbBTC on WBTC market share in Ethereum DeFi applications by February 14, 2025?
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Resolution / Starting Odds
cbBTC significantly reduces WBTC market share • 25%
cbBTC has no significant impact on WBTC market share • 25%
cbBTC slightly reduces WBTC market share • 25%
cbBTC increases WBTC market share • 25%
Public blockchain data, DeFi platform statistics
Story
Coinbase to Launch cbBTC on Base with 0 Fees, Challenging WBTC
Aug 14, 2024, 04:20 AM
Coinbase is reportedly preparing to launch cbBTC, a new competitor to Wrapped Bitcoin (WBTC), which will be integrated into Ethereum and its Layer 2 solutions, including Base. This strategic move aims to enhance Coinbase's offerings by allowing Bitcoin holders to engage with decentralized finance (DeFi) applications on Ethereum. The introduction of cbBTC is expected to provide users with low transaction fees and increased access to DeFi services, potentially surpassing WBTC in supply within six months of its launch. Predictions suggest there will be 0 fees on mint/redeem. The development is seen as a significant opportunity for Coinbase, given its large Bitcoin customer base, and it aligns with the company's efforts to expand DeFi access through its wallet. The launch of cbBTC could also impact the landscape of Bitcoin Layer 2 solutions, challenging existing EVM-compatible projects.
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Similar markets
cbBTC < 30% of WBTC supply • 25%
cbBTC 30-50% of WBTC supply • 25%
cbBTC 51-70% of WBTC supply • 25%
cbBTC > 70% of WBTC supply • 25%
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cbBTC = WBTC • 25%
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