TLDR
Coinbase launches cbADA and cbLTC on Base, backed 1:1 by ADA and LTC in custody.
cbADA and cbLTC hit $2.7M in supply on day one, per Coinbase proof-of-reserves data.
Base averages 9.4M daily transactions, topping Layer 2 networks in user activity.
Users can now lend, borrow, and swap cbADA and cbLTC on Base-compatible DeFi apps.
Coinbase has added new wrapped tokens for Cardano (ADA) and Litecoin (LTC) to its Base Ethereum Layer 2 network. These wrapped assets, named cbADA and cbLTC, are backed 1:1 by the original ADA and LTC held by Coinbase in custody.
The move increases the number of wrapped tokens available on Base and allows users to bring ADA and LTC into Ethereum-based decentralized applications (dApps). Coinbase confirmed this rollout in a Wednesday announcement and published proof of reserves data for transparency.
Wrapped cbADA and cbLTC Tokens Launch on Coinbase
Coinbase stated that the new ERC-20 tokens, cbADA and cbLTC, are fully backed by ADA and LTC assets held in secure custody. This setup ensures that each wrapped token corresponds to one unit of the underlying asset.
Users can transfer ADA and LTC from their Coinbase accounts to onchain Base addresses. During this process, the assets are converted automatically into cbADA and cbLTC. Similarly, when cbADA or cbLTC are sent from Base to Coinbase, they convert back at a fixed 1:1 ratio.
Wrapped tokens help expand the use of non-Ethereum assets in Ethereum-compatible applications. Coinbase uses this method to allow assets like ADA and LTC to interact with smart contracts and decentralized services that run on the Ethereum Virtual Machine.
Access to DeFi Applications on Base Expands
The addition of cbADA and cbLTC makes it possible for users to participate in decentralized finance (DeFi) using assets native to other blockchains. These tokens are now usable on Base-compatible dApps, including decentralized exchanges such as Uniswap and Aerodrome.
Users can also lend and borrow cbADA and cbLTC through DeFi protocols such as Aave, Morpho, and Compound. These integrations provide more ways to use ADA and LTC on Ethereum’s growing Layer 2 ecosystem.
Coinbase, whose stock has hit a 4 year high, has introduced several wrapped assets over recent months. With cbADA and cbLTC, the total number of wrapped tokens on Base reaches five. The earlier launches include cbBTC in September and cbXRP and cbDOGE earlier this month.
cbADA and cbLTC Supply Reaches $2.7 Million on First Day
According to Coinbase’s published proof-of-reserves data, cbADA reached an initial supply worth around $1.7 million within 24 hours. cbLTC followed closely, with a total value of nearly $1 million in the same timeframe.
For comparison, cbXRP and cbDOGE currently have supplies worth $9.8 million and $2.3 million, respectively. Coinbase’s wrapped bitcoin product, cbBTC, has grown to $4.9 billion in supply. Wrapped Bitcoin (WBTC) continues to lead the tokenized BTC sector with a market cap of $13.9 billion.
The steady supply growth of cb tokens reflects user demand for cross-chain asset access and DeFi participation through Base.
Coinbase’s Base Network Sees High User Activity and Adoption
Base, the Layer 2 Ethereum network developed by Coinbase, is among the most active scaling solutions by usage metrics. The network averages 9.4 million daily transactions and 2 million active addresses, based on data from The Block.
These numbers place Base ahead of other Layer 2 platforms in terms of engagement. Coinbase’s strategy includes expanding wrapped tokens to meet the growing demand for cross-chain assets that can interact with Ethereum-based smart contracts.
With new cbADA and cbLTC tokens now live, Coinbase continues to extend the list of tokens available for use on Base. This rollout adds more functionality for ADA and LTC holders who want access to DeFi without leaving the Ethereum ecosystem.
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