Wrapped Bitcoin (Sollet)
SOBTC
Evaluation Score
Overall rating on a scale of 0-10
Dimension Breakdown
AI Analysis
Comprehensive evaluation of the token
SOBTC (Wrapped Bitcoin (Sollet)) has experienced a catastrophic structural collapse across every evaluated dimension. The asset's core value proposition as a 1:1 Bitcoin-pegged custodial wrapper failed completely following the collapse and bankruptcy of FTX on November 11, 2022, where its underlying custodial reserves were commingled and lost. As established in the Team and Governance evaluation: "On November 11, 2022, following the FTX bankruptcy, soBTC collapsed far below its bitcoin peg because its custodial backing was held at FTX and commingled with the bankrupt exchange." As a consequence, the token trades at an unrecovered ~99.9% discount relative to Bitcoin's actual market price, representing an essentially worthless claim without functional redemption mechanisms or proof of reserves. Active development, community activity, and governance are completely absent, reflecting an abandoned and deprecated legacy wrapper with negligible trading volume.
Development Activity
Code updates and developer engagement
Community Support
Social media presence and community engagement
Tokenomics
Supply, distribution, and utility
Market & Use Case
Value proposition and competitive landscape
Team & Governance
Team background and project governance
Security & Audits
Security history and audit status
About Wrapped Bitcoin (Sollet) (SOBTC)
Wrapped Bitcoin (Sollet) (SOBTC) is an abandoned and deprecated legacy wrapped SPL token on the Solana blockchain that was originally designed to provide a 1:1 Bitcoin-pegged asset for decentralized finance (DeFi) and trading applications. Issued through the Sollet.io bridge architecture, the token operated as a custodial wrapper with a circulating supply of approximately 16,000 tokens.
On November 11, 2022, following the bankruptcy of cryptocurrency exchange FTX, SOBTC suffered a catastrophic failure and severe depeg when its underlying custodial reserves were commingled and lost within the bankrupt exchange. With redemption pathways non-functional and the underlying backing impaired, the wrapper completely lost parity with Bitcoin, crashing roughly 99.90% from its all-time high of $46,704.97 to trade at a negligible fraction of Bitcoin's market value.
SOBTC currently exhibits no active software development, governance processes, dedicated community channels, or identifiable development team. The project has no published third-party security audits or proof-of-reserves verification, and trading activity is limited to negligible residual volume across decentralized markets with no operational recovery or redemption mechanism.