This week, Kraken announced the launch of its wrapped bitcoin product, kBTC, which will be backed 1:1 by bitcoin held at Kraken Financial. The ERC-20 token aims to compete with BitGo's wBTC and is set to be available on Ethereum and Optimism, complete with full proof-of-reserves onchain. This comes shortly after Coinbase introduced its own version of wrapped bitcoin on Ethereum and Base. Despite predictions of wBTC losing market share, its total market cap has remained steady at around $10 billion. Additionally, Karak launched its V2 mainnet, becoming the first restaking protocol to implement penalization for non-compliance in its operations. The Fuel Network also made headlines with the launch of its optimistic rollup, 'Ignition' v1 mainnet, promising faster transaction speeds with a unique programming language. Lastly, the market cap of PayPal’s PYUSD stablecoin has dropped significantly, reflecting a shift in user incentives and engagement in recent weeks.

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