Amidst the surges in Solana’s price and a boom in the Defi sector, the Coinbase Wrapped BTC (cbBTC) product, which was recently launched on the Solana blockchain, has hit the $1 billion market capitalization milestone. The cbBTC is an SPL token backed 1:1 by Bitcoin (BTC) and held in custody by the exchange. cbBTC joins a growing list of wrapped Bitcoin tokens on Solana, including tBTC and WBTC. The price of SOL has risen by double digits in the last seven days, fueled by BTC’s bull run. Consequently, SOL rallied to $198, almost 23% lower than its All-Time High (ATH).
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