Advancing
LoadingAdit
An adit is driven straight into the hillside so ore can leave under its own weight, with no hoist and no shaft. It is the plainest way in and the plainest way out, which is what a deposit path should be. What it is not is a place where the terms get quieter.
Four representations are accepted. The first three are one of each trust model on purpose: a custodian holding the reserve, a bridge carrying it across, and a program controlling issuance. They fail in different ways, and which one you are exposed to should be a decision rather than an accident.
Issued by Coinbase
The path your collateral takes
BTC -> Coinbase Custody -> cbBTC
1 custody hop. Each one is a separate party who has to keep working for the claim to hold.
Both the mint authority and the freeze authority are off-chain keys. Coinbase can issue without limit and can freeze an individual token account. That is not an accusation, it is what the mint account says.
Reserve proof
No reserve attestation feed on Solana or Ethereum. Reserve claims rest on issuer disclosure.
cbBTC mint address
cbbtcf3aa214zXHbiAZQwf4122FBYbraNdFqgw4iMijIntake matches on this address and never on the symbol. Two entirely different tokens on Solana both call themselves WBTC, and one of them carries a fraction of the other’s liquidity.
Everything accepted here is a claim on bitcoin held somewhere else. Intake records which claim you brought in, because the exit has to return the same one and the exposure it carries is not interchangeable.
Assets are identified by their address on chain and never by their ticker. Two different tokens on Solana answer to WBTC, and one of them broke away from bitcoin entirely while keeping the name.
Decimals are read from the mint rather than assumed. A representation carrying six decimals instead of eight is a hundredfold sizing error waiting for a loop that trusts a constant.
A refusal list is worth more than an acceptance list, because it is where the accidents live. Each of these is refused by address. Two of them still report healthy-looking supply.
Trading at 26.26 dollars against a 63,054 dollar spot, a 99.96 percent break. Its on-chain symbol is plain BTC and it carries 6 decimals rather than 8, so a loop that trusts either field mis-sizes every amount.
9n4nbM75f5Ui33ZbPYXn59EwSgE8CGsHtAeTH5YFeJ9E
0.11 BTC outstanding and 366 dollars of trading liquidity. Issuance still works; the market does not.
21BTCo9hWHjGYYUQQLqjLgDBxjcn8vDt4Zic7TB3UbNE
The token most price feeds treat as canonical WBTC, with 46 thousand dollars of Solana liquidity. Routing size through it is slippage, not exposure.
5XZw2LKTyrfvfiskJ78AMpackRjPcyCif1WhUsPDuVqQ
Walking a venue’s market list and accepting whatever calls itself bitcoin is how a broken token gets a seam of its own. One lending venue still carries four markets against the first entry above.