The cryptocurrency exchange Coinbase has just launched the wrapped version of Cardano (cbADA) and Litecoin (cbLTC) on Ethereum's Base Layer 2 network.
According to the project announcement, cbADA and cbLTC are ERC-20 tokens backed 1:1 by ADA and LTC custodied by Coinbase, with transparent Proof of Reserves. Users can send ADA and LTC from Coinbase to an onchain wallet on Base, where the assets will be automatically converted to cbADA and cbLTC. Conversely, when sending cbADA or cbLTC back to Coinbase, they will be converted back at a 1:1 ratio.
This wrapping allows ADA and LTC to be compatible and used in DeFi applications on Base such as the DEX Aerodrome, Uniswap, or lending protocols like Aave, Compound, and Morpho.
Coinbase has currently issued 5 wrapped tokens on Base, including cbADA, cbLTC, cbXRP, cbDOGE, and cbBTC. Within the first 24 hours, cbADA had a total supply of around 1.7 million USD, while cbLTC was close to 1 million USD, according to Coinbase's Proof-of-Reserves data. Meanwhile, cbXRP reached 9.8 million USD, cbDOGE was 2.3 million USD, and cbBTC was at 4.9 billion USD.
Base is currently the Ethereum Layer 2 network leading in average daily transactions (9.4 million) and active wallets (2 million).
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The article Coinbase launches wrapped token ADA and LTC on Base first appeared on CoinMoi.
