Amid the surge in Solana prices and the boom in the Defi sector, the Coinbase Wrapped BTC (cbBTC) product recently launched on the Solana blockchain has achieved a market capitalization of $1 billion. cbBTC is an SPL token supported 1:1 by Bitcoin (BTC) and stored on exchanges. cbBTC joins Solana’s growing list of wrapped Bitcoin tokens, including tBTC and WBTC. The price of SOL has risen double digits over the past seven days, driven by the bull market in BTC. As a result, SOL rebounded to $198, almost 23% below its all-time high (ATH).