tl;dr
Coinbase plans to launch wrapped versions of XRP, Cardano (ADA), Dogecoin (DOGE), and Litecoin (LTC) on its Ethereum Layer 2 network, Base. These tokens—cbXRP, cbADA, cbDOGE, and cbLTC—will enhance interoperability by allowing these assets to be used on Base, offering lower fees, better liquidity, a...
Coinbase is set to expand its wrapped token offerings by launching wrapped versions of XRP, Cardano (ADA), Dogecoin (DOGE), and Litecoin (LTC) on its Ethereum Layer 2 network, Base.
These wrapped tokens—named cbXRP, cbADA, cbDOGE, and cbLTC—will facilitate cross-chain interoperability, allowing users to leverage these assets within Base's ecosystem. This integration promises lower transaction fees, improved liquidity, and greater DeFi access.
Base stands as the largest Ethereum Layer 2 network, securing over $15 billion in total value, underscoring its significance in the blockchain space.
Coinbase has emphasized caution against counterfeit tokens and provided official contract addresses for the new wrapped assets:
• cbADA: 0xcbADA732173e39521CDBE8bf59a6Dc85A9fc7b8c
• cbDOGE: 0xcbD06E5A2B0C65597161de254AA074E489dEb510
• cbLTC: 0xcb17C9Db87B595717C857a08468793f5bAb6445F
• cbXRP: 0xcb585250f852C6c6bf90434AB21A00f02833a4af
The timeline for these launches is forthcoming.
This strategic move builds on Coinbase’s prior success with cbBTC, its wrapped Bitcoin token on Base, which has garnered rapid adoption and expanded beyond Base to networks like Solana. Despite this growth—with over 45,000 tokens issued and an approximate $4 billion supply—cbBTC holds about 16% of the wrapped Bitcoin market. It trails behind WBTC, which commands 52.6%, and BTCB, with 26.7%, illustrating competitive dynamics within wrapped BTC tokens.
By extending wrapped token support to XRP, ADA, DOGE, and LTC, Coinbase enhances the usability of these popular cryptocurrencies within Base, further promoting DeFi innovation and multi-chain connectivity.