US crypto giant Coinbase has successfully gone live with the launch of its wrapped Bitcoin token at a $100 million market cap.

The firm’s Coinbase Wrapped BTC (cbBTC) is a Bitcoin (BTC)-backed, Ethereum (ETH)-based token that aims to help users streamline their decentralized finance (DeFi) experience.

Data from CoinGecko shows that cbBTC started trading on September 12th before getting to a market cap of over $100 million the next day.

Coinbase recently explained how BTC holders can use the firm’s wrapped version of the crypto king to streamline their DeFi experience.

“cbBTC removes a key point of friction by allowing customers to use Bitcoin they already hold in new ways on-chain. cbBTC is built to be seamlessly compatible with DeFi applications, so users can now tap into novel DeFi use cases like providing their Bitcoin as liquidity to DeFi protocols, or using it as collateral to borrow other crypto assets…

When Coinbase users send their BTC from Coinbase to an address on Base or Ethereum, that BTC will automatically be converted 1:1 to cbBTC. When users receive cbBTC in their Coinbase accounts, it will be converted 1:1 from cbBTC to BTC.”

Tron (TRX) founder Justin Sun criticized cbBTC, saying Coinbase’s new project was too centralized and based on trust.

“cbBTC lacks Proof of Reserve, no audits, and can freeze anyone’s balance anytime. Essentially, it’s just ‘trust me.’ Any US government subpoena could seize all your BTC. There’s no better representation of central bank Bitcoin than this. It’s a dark day for BTC.”

At time of writing, cbBTC is the 402nd-largest crypto with a market cap of over $97.66 million.

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TRON is poised for remarkable growth, with its founder, Justin Sun, predicting that it will rank alongside Bitcoin and Ethereum as one of the top three cryptos within the next two years. This assertion comes amidst the crypto performance boost, having surged approximately 7,000% in value over the past seven years.

TRON Set to Break into Top 3 Cryptos, Founder Justin Sun Claims

In a recent interview with Austin Arnold on the Altcoin Daily podcast, Justin Sun, founder of TRON, expressed unwavering confidence in TRX becoming a top-tier cryptocurrency in the near future. Sun’s optimism stems from the substantial growth and adoption that TRX ecosystem has experienced over the past seven years, marked by a 7,000% increase in value.

He emphasized that this growth is backed by a robust track record and increasing utility in the crypto space.

The adoption of USDT (Tether) on the TRON blockchain has contributed to its market strength and user base expansion. The seamless transactions and reduced fees on the platform have made it a preferred network for USDT transfers. This has facilitated its growth and utility in the crypto ecosystem. 

Impressive Milestones Highlight Growth Journey

Furthermore, TRON has hit several milestones that underscore its potential to break into the top three rankings. Notably, USDT’s presence on TRON has reached a remarkable supply of $729 million within just four months of its integration. This surge reflects the growing trust and usage of the blockchain and supports its position in the crypto market. 

The consistent performance of TRX and its integration with major financial applications provides a solid foundation for Sun’s prediction.

TRON Strategic Path to Top Tier

With the ongoing developments and the strategic use of USDT, the TRX platform is setting the stage for acceptance and integration into mainstream financial systems. The focus on scalability will drive the crypto network towards a promising future in the competitive crypto landscape.

Moreover, yesterday, Justin Sun announced an exciting upcoming week for Tron memes. He said that Super Representatives are set to propose reductions in network fees, boosting transaction activity. The community will also welcome high-profile meme creators and celebrities, enhancing the vibrancy of the ecosystem. 

Additionally, the founder stated that he expect more exchanges to join the SunPump Meme alliance, amplifying the reach of Tron meme coins. He also added,

“Institutional interest in the Tron ecosystem is increasing significantly, with more partnerships being announced. Tron meme coins will see even more remarkable performance in the bull market.”

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Ronny Mugendi

Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. His work includes notable contributions to Cryptopolitan and Coingape News Media, where he shares his insights on the latest developments in the cryptocurrency market. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.