WBTC bridges the gap between BTC and ETH. Yet, AAVE has reaped the most benefits, amassing 37K WBTC in supply.

It's been 48 days since Bitgo revealed its partnership with Bit Global on Aug. 9, 2024. Since that announcement, the supply of wrapped bitcoin (WBTC) held on Aave V3 has soared to a new peak. Meanwhile, cbBTC, the bitcoin derivative token from Coinbase, has hit a market cap of $247.8 million.

WBTC is still the most popular Bitcoin wrapper, with nearly $10 billion in TVL, according to DefiLlama.

The apparent change of heart follows extensive public discussions with BitGo CEO Mike Belshe.

TL;DR Sky is reconsidering its decision to remove Wrapped Bitcoin (WBTC) after a recommendation from BA Labs and clarifications from BitGo. BitGo commits to providing 60 days' notice for any changes in WBTC custody, reducing the perceived risk.

BA Labs, an adviser to Sky, formerly known as Makerdao, has decided to stop recommending any additional parameter changes regarding the offboarding of wrapped bitcoin (WBTC) collateral. The move follows statements from Bitgo's CEO Mike Belshe and a vote from Sky community members.

Sky is rethinking its recent decision to offboard WBTC, following BA Labs' assessment that the risk to WBTC exposure is now “more acceptable”.

Decentralized finance pioneer Sky, previously known as Maker, is revisiting its decision to offboard Wrapped Bitcoin (WBTC) as collateral in its lending protocol.

BA Labs, an advisor to DeFi lender Sky, says its concerns with Tron founder Justin Sun's involvement in the custody of the Wrapped Bitcoin token have been addressed and new recommendations will be put to a vote on Oct. 3.

BA Labs, adviser to DeFi lender Sky, says concerns about Justin Sun's role in Wrapped Bitcoin custody are resolved. A new vote is set for Oct. 3.

21.co, the parent company of 21Shares, has integrated Chainlink's Proof of Reserve on Solana and Ethereum to increase transparency for its Wrapped Bitcoin 21BTC.

Top US-based crypto exchange Coinbase says its wrapped version of Bitcoin (BTC) is coming to the smart contract platform Solana (SOL). In a session during the Solana Breakpoint 2024 event, Coinbase executive Hasan Ahmed says the crypto exchange is introducing Coinbase Wrapped Bitcoin (cbBTC) to the Ethereum (ETH) competitor's blockchain.

TL;DR 21.co has integrated Chainlink Proof of Reserve on the Solana and Ethereum mainnets to enhance the transparency of its Wrapped Bitcoin (21BTC). 21BTC, launched in May 2024, is a native token fully backed 1:1 by Bitcoin reserves, which are held in cold storage and under institutional custody.

Analysis of refund policies and the regulatory context.

Coinbase surprised attendees at Breakpoint 2024 by announcing plans to roll out cbBTC wrapped Bitcoin on Solana, sparking immediate enthusiasm and positioning the asset for broader use across popular blockchain networks. At the Breakpoint 2024 event, Hassan Ahmed, Coinbases country director for Singapore, recently announced intentions to bring Coinbases new cbBTCa wrapped Bitcoin assetto the Solana network.

LlamaRisk, Aave's risk service provider, has proposed reducing the loan-to-value (LTV) ratio of BitGo's Wrapped Bitcoin (WBTC) to zero on the DeFi lending platform.

Coinbase launched cbBTC on September 12, and within a week, the token has become the third-largest Wrapped Bitcoin in the market.

Wrapped Bitcoin products allow users to retain asset control while using Bitcoin as collateral for decentralized finance applications.

Sky may be the first of many to toe this path.

Sky, formerly MakerDAO, decided to remove the usage of Wrapped Bitcoin (WBTC) as collateral for borrowing through a governance vote concluded on Sept. 19. BA Labs, the former Risk Core Unit, was named stability advisor for the process.

Sky, a major DeFi lending protocol, has voted to remove wrapped Bitcoin as collateral due to concerns over its custodian's affiliation with Justin Sun

With WBTC being phased out, the protocol is now exploring alternative wrapped Bitcoin solutions.

Sky, formerly known as Maker, is divesting its wrapped Bitcoin following a community governance vote that was finalized on September 19.

The vote was passed with 88% in favor of offloading WBTC collateral from the Sky lending platform.

The matter has been closely followed in crypto markets, since the Sky platform has $200 million of loans collateralized by the token, and since WBTC is one of the biggest cryptocurrencies, with nearly $10 billion outstanding.

This week, Cryptoquant researchers highlighted a new rivalry heating up in the wrapped bitcoin market, with Coinbase's cbBTC stepping up to challenge Bitgo's long-established reign.

Crypto custodian BitGo is set to enter the stablecoin market with plans to launch a dollar-backed USDS stablecoin by 2025, according to a Sept. 18 statement.

Coinbase recently introduced cbBTC, a wrapped version of Bitcoin designed to integrate with decentralized finance (DeFi) applications on Ethereum and Base networks. This new product aims to expand Bitcoin's utility beyond simple holding or trading, allowing users to participate in various DeFi activities without converting their Bitcoin to other cryptocurrencies.

Sky will begin removing WBTC from its SparkLend platform, with the process starting on September 26 through executive votes.

TL;DR Sky proposes to withdraw WBTC from its loans and collateral due to risks associated with BitGo's custody of the asset. The recent redistribution of BitGo's multi-sig keys to third parties has raised concerns about the security of the underlying BTC.

Coinbase's cbBTC could significantly boost DeFi activities but raises concerns about centralization and security risks in decentralized finance. The post Coinbase Wrapped Bitcoin hits $100M market cap appeared first on Crypto Briefing.

Sky, formerly known as MakerDAO, will implement a multi-step program to unwind WBTC from its Sky Lend and legacy vaults. On October 8, BitGo will transfer custody of the underlying BTC to BitGlobal, raising concerns about counterparty risk.

James Fickel reduces ETH/BTC exposure, swaps 5K ETH for WBTC. Fickel faces $38.5M loss after aggressive ETH/BTC trades.

BitGo, the firm behind WBTC, announced last week that it would become a minority shareholder in its own project, while Justin Sun and BiT Global will be the majority stakeholders.

If approved, the proposal could affect $200 million in DeFi loans within Sky's ecosystem, making it a significant move for the platform.

Sky, formerly MakerDAO, is evaluating the removal of Wrapped Bitcoin from SparkLend over concerns about its ties to Justin Sun.

Tron founder Justin Sun has launched an attack on Coinbase's recently launched variant of wrapped Bitcoin, cbBTC.

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.”

Sky is considering a proposal to completely eliminate wrapped Bitcoin from its ecosystem due to concerns over custody and control.

BTC price trajectory has been a subject of intense scrutiny lately, particularly due to recent developments involving a major crypto whale. This whale is on the brink of a significant liquidation event involving Wrapped Bitcoin (WBTC) worth $28 million.

The action could impact $200 million of DeFi loans in the Sky ecosystem should the proposal pass.

Top US-based crypto exchange platform Coinbase is announcing the launch of Coinbase Wrapped Bitcoin (cbBTC), a Bitcoin (BTC)-backed Ethereum (ETH)-based token.

The TRON founder's connection to WBTC has driven interest in alternatives, and Sun is not a fan.

Coinbase has unveiled Coinbase Wrapped Bitcoin (cbBTC), giving users a gateway to decentralized finance (defi) apps on Ethereum and Base, using bitcoin (BTC). The cbBTC token is essentially a wrapped version of bitcoin, fully backed by BTC held in Coinbase's custody.

Coinbase's launch of its wrapped Bitcoin, cbBTC, on the Base Network, is barely 24 hours old but is already causing some ruckus. Tron founder Justin Sun has a long list of concerns about the new product and has taken X to voice some of them.

Coinbase is moving forward with the launch of cbBTC, an ERC-20 tokenized bitcoin that will go live on Base and other Ethereum ecosystems.

TL;DR Coinbase has launched cbBTC, a new version of Wrapped Bitcoin available on Ethereum and Base since September 12, 2024. cbBTC is an ERC-20 token backed 1:1 by Bitcoin and will be compatible with DEXs like Aerodrome and Curve, as well as lending protocols like Aave and Compound.