Coinbase Unveils Wrapped ADA, DOGE, LTC, and XRP on Base: A Game-Changer for DeFi

Coinbase has announced plans to introduce wrapped versions of Cardano (ADA), Dogecoin (DOGE), Litecoin (LTC), and Ripple (XRP) on its Ethereum Layer-2 network, Base. These tokens, named cbADA, cbDOGE, cbLTC, and cbXRP, will allow users to engage with these popular cryptocurrencies within the Ethereum ecosystem, enhancing their utility in decentralized finance (DeFi) applications. 

Wrapped tokens are digital assets pegged 1:1 to their original counterparts, enabling them to operate on different blockchain networks. This move by Coinbase aims to increase interoperability and provide users with more options for trading, lending, and staking within DeFi platforms.

Base, Coinbase’s Layer-2 solution, has been gaining traction due to its scalability and lower transaction fees compared to Ethereum’s mainnet. By adding these wrapped tokens, Coinbase is expanding the range of assets available on Base, potentially attracting more users to its ecosystem.

While the exact launch date for these tokens has not been announced, Coinbase has provided official contract addresses to help users avoid scams: 

• cbADA: 0xcbADA732173e39521CDBE8bf59a6Dc85A9fc7b8c

• cbDOGE: 0xcbD06E5A2B0C65597161de254AA074E489dEb510

• cbLTC: 0xcb17C9Db87B595717C857a08468793f5bAb6445F

• cbXRP: 0xcb585250f852C6c6bf90434AB21A00f02833a4af

This development follows the successful launch of cbBTC, Coinbase’s wrapped Bitcoin token, which has seen significant adoption since its introduction. 

What are your thoughts on Coinbase’s expansion into wrapped tokens? Share your opinions below and stay updated with trafy.io for more insights into the evolving DeFi landscape.