DefiLlama Founder: In terms of transparency, cbBTC is far below industry standards

ChainCatcher message, DefiLlama founder 0xngmi posted on social media, "To be honest, almost every cross-chain bridge (including WBTC) provides proof of reserves so that users can check if the issued tokens have sufficient backing. However, Coinbase does not do this, and cbBTC falls far below the standard in terms of transparency.

This is also why we have not listed it on Defillama, as we cannot verify its TVL (Total Value Locked). If we do not list other cross-chain bridge projects that cannot verify their TVL, we will not make an exception for Coinbase either. We follow the same rules for all projects."