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Red

@redvelvet

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releasing v0 of the Bitcoin on Base data dashboard when Coinbase launched cbBTC two weeks ago, I was eager to see how it would fare adoption-wise To track that adoption and usage, we launched a data dashboard for Base, exclusively displaying network metrics related to cbBTC, tBTC, and other bridged/wrapped BTC tokens cbBTC quickly surpassed tBTC this month as the largest BTC token on Baseby TVL (and all? other metrics) cbBTC is custodial, like WBTC, but Coinbase (the issuer) is a trusted player, so I’m not surprised by this initial growth, and expect a lot more of it tbh we’re two weeks in and it’s becoming clear how ridiculously profitable this move will be for Base. the Base sequencer has already pulled in $30k in fees from cbBTC txs! (yes some of that goes to Ethereum as the underlying L1 but I havent broken down that revenue data yet so bear with me) https://base.bitcoinlayers.org
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