Coinbase plans to enable send/receive of cbBTC to Solana within a week.
We believe that adopting cbBTC as a secure BTC wrapper with very accessible on/off ramps will benefit JLP holders.
cbBTC Specifications
cbBTC is fungible 1:1 with a dedicated reserve of BTC held at Coinbase.
The process of minting (sending) and burning (redeeming) cbBTC ensures trust and transparency
Minting - When a user initiates a withdrawal of BTC held in their Coinbase account to a specified destination address / wallet, an equivalent amount of cbBTC is minted on the specified network and sent to the user’s address / wallet
Burning - When cbBTC is deposited to a user-specific Coinbase address, the cbBTC is burned and the corresponding amount of BTC is released from Coinbase’s reserve and assigned to the user’s account.
There are currently no burn or mint fees on cbBTC
Next Steps
Once cbBTC is live on Solana, we will update this thread with more tactical next steps based on the feedback received.
In the meantime, we are happy to answer questions regarding cbBTC, and look forward to the input from JLP holders as well as the broader Jupiter community.
Disclaimer: This post is for informational purposes only, and is not (i) an offer, or solicitation of an offer, to invest in, or to buy or sell, any interests or shares, or to participate in any investment or trading strategy, or (ii) intended to provide accounting, legal, or tax advice, or investment recommendations. Coinbase is the issuer of cbBTC.
I posted this in the discord awhile back and nobody commented. Came here to do the same but glad to see someone else is thinking.
You’re not going to get a safer btc than this on Solana. if there’s a better option than wbtc then there’s 0 point in not making the change and protecting JLP and the Jupiter brand.
I would also propose to reduce the weight of ETH by 50% and then split that 80/20 into cbBTC and SOL
This looks like a strong proposal! A fully-backed, transparent BTC wrapper like cbBTC on Solana is a big win, especially with Coinbase’s reputation and no minting or burning fees.
Are there plans to integrate cbBTC with other Solana projects? That could boost its utility. Also, while Coinbase’s backing is reassuring, is there a plan for potential regulatory issues?
In my view Jupiter should have nothing to do with WBTC and almost any alternative would be superior, even if it’s cbBTC. Ultimately something that doesn’t depend on trusted intermediaries at all would be optimal, but so far there is simply no good product with this feature. BitcoinLayers is the go to source for the range of options.
Also, proof-of-reserves (a dashboard to see all the BTC backing cbBTC) should be rolling out very soon. I will provide an update in this thread and answer questions once it’s live.
