- Coinbase announced its plans to launch cbBTC, a wrapped version of Bitcoin on Solana.
- The launch of USDS by Sky on Solana via Wormhole boosts cross-chain liquidity in DeFi.
- Travala’s integration with Solana introduces SOL travel rewards, enhancing the booking experience.
Solana (SOL) price slightly retraces but holds at around $145 on Monday after a 10% rally last week. Multiple announcements bolster a bullish outlook for SOL, including Coinbase’s plans to launch wrapped Bitcoin on the Solana network, Sky’s (formerly MakerDAO) introduction of the USDS stablecoin on Solana, and Travala’s integration with Solana to enhance the booking experience. These all hint at a bullish projection for SOL in the upcoming days.
Coinbase announce plans to launch wrapped Bitcoin on Solana
On Saturday at Solana’s Breakpoint event, crypto exchange platform Coinbase announced its plans to launch cbBTC, a wrapped version of Bitcoin on Solana.
Coinbase Wrapped Bitcoin (cbBTC) is an ERC-20 token issued by the Coinbase exchange that allows using Bitcoin (BTC) on the Ethereum blockchain. Like other wrapped Bitcoin tokens, cbBTC is backed 1:1 with Bitcoin. The actual Bitcoin is custodied by Coinbase. This token enables BTC holders to participate in Ethereum’s decentralized finance (DeFi) protocols — such as trading on Decentralized Exchanges, lending, borrowing, and yield farming — without selling their Bitcoin.
cbBTC was officially launched on September 12 and lives directly on the Ethereum network and Base (Coinbase’s own Layer-2 blockchain). This integration on the Solana network is expected to enhance liquidity and trading opportunities for Bitcoin assets on the Solana network, attract more users to the DeFi ecosystem, and potentially increase the overall value locked in Solana. Additionally, it may also facilitate faster transactions and lower fees, benefiting both the Bitcoin and Solana communities.
cbBTC on Solana. Coming soon https://t.co/03bSVcaY4C
— Coinbase Assets ️ (@CoinbaseAssets) September 21, 2024
Additionally, Sky’s (formerly MakerDAO) launch of USDS stablecoin on Solana via Wormhole highlights the growing DeFi landscape on the Solana blockchain.
“Sky is coming to Solana, allowing users to benefit from its lightning-fast execution and low fees. To interact with Sky on Solana, users can transfer their USDS from Ethereum using supported bridges such as Portal”, posted on Wormhole’s blog post.
The blog explains: “By connecting their wallets on Sky.money, users can deposit their Solana-based USDS into the Sky protocol’s vaults, which function similarly to the system users are familiar with from the Maker protocol.” These developments and collaboration on the Solana blockchain project have a bullish outlook, as it is expected to attract more users and liquidity to the Solana ecosystem.
@SkyEcosystem (prev. MakerDAO) is taking $SKY, $USDS and $sUSDS multichain with Wormhole's NTT framework.
— Wormhole (@wormhole) September 20, 2024
The @wormhole-powered multichain expansion brings Sky to @solana, while preserving native token functionality and unifying liquidity across chains.
Learn more below ⤵️ pic.twitter.com/ZUizEMwpvn
Furthermore, Solana’s bullish outlook is further supported by Travala’s integration with Solana blockchain to enhance the booking experience.
On Saturday, Travala, a Crypto-native travel bookings platform, announced integration with the Solana blockchain. This will allow users to book flights, hotels and accommodations using Solana-based assets. CEO Juan Otero made this announcement at Solana Breakpoint in Singapore. Following the integration, users can now deposit and withdraw SOL, USDT and USDC on the Solana network directly into and out of their Travala accounts, with zero-fee transactions on travel bookings.
Travala Announces @solana Integration & $SOL Travel Rewards
— Travala.com ✈️ (@travalacom) September 21, 2024
Our CEO, @joterovila, announced the news at @SolanaConf today.
Book 3M+ travel products with $SOL, $USDT & $USDC on #Solana via Travala now.#SOL travel rewards coming soon.
Read more https://t.co/uCvDreViUM
The combination of technological innovation, strategic partnerships, and community engagement, aforementioned, projects a bullish sentiment for Solana Blockchain and its price in the upcoming days.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Is Altcoin Season here as Bitcoin reaches a new all-time high?
Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.
Shanghai court confirms legal recognition of crypto ownership
A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.
BTC hits an all-time high above $97,850, inches away from the $100K mark
Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.