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moritz 💧🔑
@moritz
this week’s /fluidkey token highlight is cbBTC - it lets you access Bitcoin’s value while tapping into DeFi across Ethereum, Base, Arbitrum and Solana you can now claim some cbBTC in the Fluidkey app 💸 more about cbBTC below!
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moritz 💧🔑
@moritz
Bitcoin has established itself as the number one store of value cryptocurrency but it lacks the programmability of EVM chains cbBTC you gives access to the best of both worlds: you can for example earn yield on your Bitcoin or borrow USDC against it
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moritz 💧🔑
@moritz
so what’s the catch? unlike BTC which can be held without any intermediaries, cbBTC is custodied by Coinbase - you can think of it as USDC for Bitcoin to verify cbBTC is backed 1:1, there is a proof of reserves page: https://www.coinbase.com/en-fr/cbbtc/proof-of-reserves
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moritz 💧🔑
@moritz
moving Bitcoin to EVM chains without going through a centralized exchange or paying extremely high fees is not straightforward tBTC is a great decentralized option to bridge Bitcoin to EVM chains
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moritz 💧🔑
@moritz
in our tests, bridging BTC to tBTC on Base and then swapping tBTC for cbBTC cost a total of 0.22% in fees https://dashboard.threshold.network/tBTC/how-it-works
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moritz 💧🔑
@moritz
this is the end of this week’s highlight! join us on Telegram to ensure you don't miss out on any updates: https://t.me/fluidkey note that none of our highlights are financial advice: the value of any of the tokens highlighted may go to zero
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