Coinbase said they are working on wrapped versions of XRP, Cardano (ADA), Dogecoin (DOGE), and Litecoin (LTC). All of these exciting additions will be made on the Base network. The initiative is intended to improve interoperability across the landscape and give Base users access to a wider array of digital currencies. This news comes on the heels of Coinbase’s initial success with cbBTC, a wrapped Bitcoin version on Base. Then on May 13, Coinbase Assets X announced that cbXRP, cbADA, cbDOGE, and cbLTC tokens would be coming soon to Base. Needless to say, this confirmation sent ripples of excitement through the crypto community!

Expanding Token Offerings on Base

Base, the recently-launched largest Ethereum layer-2 network (by TVL), has a TVL of over $15 billion. Coinbase’s move to bring wrapped tokens onto Base will further strengthen ecosystem interoperability. The majority of these tokens were released on Ethereum and the Base network. Wrapped tokens allow assets from one blockchain to be used on another.

The biggest success so far has been cbBTC, a wrapped Bitcoin version initially launched on Base by Coinbase. cbBTC’s adoption has grown exponentially and has expanded to other blockchain networks such as Solana. The current supply of cbBTC has reached over 45,000, worth almost $4 billion.

Benefits for Base Users

Base users will soon have access to some of the most popular digital currencies. With the introduction of cbXRP, cbADA, cbDOGE and cbLTC, that’s now possible! This expansion is expected to provide cost-effective fees, greater liquidity, and wider access to decentralized finance (DeFi) resources. By offering wrapped versions of these assets, Coinbase makes it easy for users to smoothly integrate and utilize them within the Base ecosystem.

The official Base contract addresses for these assets are as follows:

  • cbADA: 0xcbADA732173e39521CDBE8bf59a6Dc85A9fc7b8c
  • cbDOGE: 0xcbD06E5A2B0C65597161de254AA074E489dEb510
  • cbLTC: 0xcb17C9Db87B595717C857a08468793f5bAb6445F
  • cbXRP: 0xcb585250f852C6c6bf90434AB21A00f02833a4af

Enhancing Interoperability and DeFi Access

Coinbase’s move into wrapped tokens on Base is a step towards making these platforms more interoperable and giving users easier access to the world of DeFi. With this change, assets of other blockchains can be used in the Base network. Coinbase had provided an alternative route to Bitcoin exposure on Base through their cbBTC product.

The wild success of cbBTC shows us what is possible even for new wrapped tokens to flourish inside the Base ecosystem. Consumers of all kinds are looking to access the benefits of DeFi. With cbXRP, cbADA, cbDOGE and cbLTC readily available, even broader adoption will ever-accelerate and inspiring innovations will continue to expand.