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COBALT STRINGS AND FRET WEAR

Don't know if they've anything in common with drill bits,
but the Cobalt bits are harder for a reason...

Cobalt can be hardened by heating it to a certain temperature, then cooling it down rapidly to freeze the crystal structure. I don't think cobalt strings undergo a hardening process, as they would become too brittle.
The so called cobalt bits are made from an alloy like cobalt-chromium-molybdenum, which can be hard and tough as well.
 
I've used cobalts on an ATK700 and Warwick Corvette - no issues. Probably ran through 3 sets on each between a year and nine months ago, gigging weekly and playing at least an hour a night. No noticable wear on either bass.

I haven't bought any for awhile because I find I just like nickel hybrid slinkies better, those and D'addario XLs.