FOR RELEASE 10:00 CET September 24, 2024
Aave, the leading decentralized liquidity protocol, is excited to announce the onboarding of cbBTC to Aave v3 on both Ethereum and Base networks. This integration marks a milestone in expanding the utility and accessibility of the new Bitcoin wrapper within the DeFI ecosystem.
cbBTC, Coinbase's newly launched Bitcoin wrapper, has seen quick adoption since its inception earlier this month. With over 1,500 BTC already minted on Ethereum Mainnet, cbBTC is rapidly establishing itself as a new way to bring Bitcoin into the world of DeFi.
The integration of cbBTC into Aave v3 opens up new possibilities for users to leverage their Bitcoin holdings within the Aave ecosystem. Users can now supply cbBTC as collateral, borrow against it, or earn yield by providing liquidity to the Aave protocol.
In a move to further support cbBTC usage in the protocol, Aave DAO is considering allocating incentives from its "Endless Summer" program to cbBTC on the Base network.
Marc Zeller, founder of the ACI, the growth service provider for Aave DAO, commented on the integration: "The onboarding of cbBTC to Aave v3 expands the options available to our users. Now users can Just Use Aave in even more ways to access liquidity against their Bitcoin holdings."
This onboarding is now live, allowing users to interact with cbBTC on Aave v3 across both Ethereum and Base networks.
About Aave
Aave is a decentralized finance protocol that allows users to lend and borrow cryptocurrencies. By leveraging blockchain technology, Aave provides a transparent, secure, and efficient way for users to earn interest on their digital assets and access liquidity.
About cbBTC cbBTC is a wrapped Bitcoin token issued by Coinbase, designed to bring Bitcoin's liquidity and value into the Ethereum ecosystem and other EVM-compatible networks.
For media inquiries, please contact:
Aave DAO
ACI: wecare@aavechan.com
Marc Zeller - Founder, ACI.
Telegram: @Lemiscate