Chainlink enabled the transfers of Coinbase’s wrapped Bitcoin token, CbBTC, to Monad blockchain by using its Cross-Chain Interoperability Protocol. This allowed more than 5 billion dollars worth of Coinbase cbBTC being moved into the Monad Ecosystem.
On Monday, announcement Monad’s integration of cbBTC brings it into its Monad DeFi Ecosystem, which is home to a variety of applications including Curvance, Neverland and others that are adopting the cbBTC market.
Monad is an EVM compatible layer-1 block chain designed to support high-throughput financial and trading use cases.
“As Bitcoin-backed assets grow into the tens of billions, the infrastructure moving them has to meet that scale,” William Reilly said, Head of Strategic Initiatives at Chainlink Labs. CCIP is built on multiple decentralized layers to minimize cross-chain risk and ensure consistent 1:1 support across networks.
Monad touts throughput of up to 10,000 transactions per second and sub-second finality, positioning itself as infrastructure for transaction-intensive financial applications.
Coinbase launched cbBTC in September 2024 Wrapped Bitcoin Token on Ethereum and Base. Backed by BTC that is held under custody. Designed to automatically mint and redeem Bitcoin deposits at the exchange.
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Bitcoin is now a yielding asset thanks to new products
Ethereum is a proof-of stake network, but it does not use the same technology.ETHSolana) (SOLBitcoin’s Proof-of-Work design doesn’t generate any yield. Users can only earn tokens by stakeing them, but the proof-ofwork does not produce yield. This constraint had historically restricted the onchain options of income for Bitcoin holders, but some new financial structures are beginning to fill the void.
Ryan Chow, co-founder of Solv Protocol and a speaker at the May Solv Protocol conference demand for Bitcoin yield strategies is acceleratingHe cited proof-of-stake integrations and delta neutral trading strategies as expanding ways Bitcoin can generate returns while supporting network security and liquidity. He cited proof-of stake integrations and Delta-neutral Trading Strategies as ways Bitcoin could generate more returns and support network security while maintaining liquidity.
Coinbase also launched its new cryptocurrency in the same month. Coinbase Bitcoin Yield Fund Targeting 4%-8% net annual returns for institutions outside of the US. Kraken launched a new product about a month after that. Bitcoin staking product Through an integration with Babylon Labs users can lock their BTC, and then delegate them to proof-of stake networks that are secure without the need for bridging.
Wrapped Bitcoin continues to grow across all networks. Wrapped Bitcoin has also continued to expand across networks. WBTC integrated with the Hedera network BitGo and LayerZero have provided support for the extension of Bitcoin’s largest tokenized form into another ecosystem of smart contracts.
Last week Telegram added vaults to its built-in TON Wallet. earn yield on Bitcoin The messaging application can be used to access decentralized financial infrastructure.
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Source: cointelegraph.com
