Cryptocurrency trading platform Coinbase has recently officially launched its wrapped Bitcoin product, Coinbase Wrapped BTC (cbBTC), signaling a further integration of Bitcoin into the Ethereum ecosystem. As a token running on the Ethereum mainnet and Coinbase's Layer 2 solution Base, cbBTC is backed by one-to-one Bitcoin, aiming to enable traders to seamlessly utilize Bitcoin resources on the Ethereum platform. This innovative move not only diversifies the asset types in the DeFi space but also provides more flexible trading options for Bitcoin users. By operating on both Base and the Ethereum mainnet, cbBTC achieves an ideal blend of deep off-chain Bitcoin liquidity and low-cost, high-speed financial rails, further promoting the diversity and interoperability of the cryptocurrency ecosystem.