DefiLlama founder: cbBTC is far below industry standards in terms of transparency

BlockBeats news, on September 23, 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 whether the issued tokens have sufficient support. However, Coinbase did not do this, and cbBTC is far below the standard in terms of transparency.

This is also why we haven't listed it on Defillama yet, because we can't verify its TVL (total locked volume). If we don't list other cross-chain bridge projects where TVL cannot be verified, then we won't make an exception for Coinbase. We follow the same rules for all projects."