DefiLlama Founder: cbBTC Falls Short of Industry Transparency Standards

DefiLlama founder 0xngmi recently stated on social media that, frankly, nearly every cross-chain bridge, including WBTC, provides proof of reserves so that users can verify that issued tokens are adequately backed. However, Coinbase has not done this, and cbBTC’s transparency is far below industry standards. This is also why we have not listed it on DefiLlama, as we cannot verify its Total Value Locked (TVL). If we do not list other cross-chain bridge projects with unverifiable TVL, we will not make an exception for Coinbase. We apply the same rules to all projects.