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Last month, Coinbase made waves by launching Coinbase Wrapped Bitcoin (cbBTC). In short, cbBTC functions by converting Bitcoin into an ERC-20 token compatible with Ethereum and Base networks.
When Coinbase users send BTC to an Ethereum or Base address, it’s automatically wrapped into cbBTC at a 1:1 ratio. Conversely, receiving cbBTC in a Coinbase account unwraps it back into BTC, also at a 1:1 rate. The big idea? This approach lets people readily engage with DeFi apps in the Ethereum ecosystem using their Bitcoin holdings without selling them.
So let’s say you’re looking for some affordable opportunities with your newfound cbBTC—where should you begin?
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