- Coinbase plans to launch wrapped XRP, ADA, DOGE, and LTC on its Ethereum Layer 2 community, Base, increasing DeFi entry.
- The trade warns customers to beware of faux tokens, sharing official contract addresses for the upcoming property.
- Coinbase’s transfer builds on the success of cbBTC, which now holds a $4 billion provide however nonetheless trails WBTC in market share.
Coinbase is ready to launch wrapped variations of XRP, Cardano (ADA), Dogecoin (DOGE), and Litecoin (LTC) on its Ethereum Layer 2 community, Base. The announcement, made on Might 13 by way of Coinbase Property X, confirmed the upcoming cbXRP, cbADA, cbDOGE, and cbLTC tokens – although no official launch date has been revealed but. Wrapped tokens permit property from one blockchain for use on one other, enhancing interoperability and increasing DeFi entry on Base, the biggest Ethereum layer-2 community with over $15 billion in complete worth secured.
Official Contract Addresses and Safety Warning
Coinbase has urged customers to beware of faux token claims forward of the official launch. The trade has supplied the verified Base contract addresses for the brand new property:
- cbADA: 0xcbADA732173e39521CDBE8bf59a6Dc85A9fc7b8c
- cbDOGE: 0xcbD06E5A2B0C65597161de254AA074E489dEb510
- cbLTC: 0xcb17C9Db87B595717C857a08468793f5bAb6445F
- cbXRP: 0xcb585250f852C6c6bf90434AB21A00f02833a4af
Coinbase emphasised that these are the one authentic addresses for the brand new wrapped tokens and warned customers to remain vigilant towards fraudulent claims.
Constructing on cbBTC’s Success – A Strategic Growth
Coinbase’s growth into wrapped property follows its earlier launch of cbBTC, a wrapped Bitcoin token launched after BitGo adjusted its custody mannequin for WBTC. Since its debut, cbBTC has gained traction, now circulating on different networks like Solana and boasting a provide of over 45,000 tokens, valued at almost $4 billion. Nonetheless, regardless of its progress, cbBTC nonetheless trails behind opponents like WBTC, which holds a 52.6% market share, and BTCB on BNB Chain at 26.7%, with cbBTC capturing simply 16%.
Enhanced DeFi Entry and Liquidity on Base
By integrating wrapped variations of main property like XRP, ADA, DOGE, and LTC, Coinbase goals to spice up liquidity and DeFi accessibility on Base. The transfer aligns with its technique to make Base the go-to layer-2 community for cross-chain interoperability. Customers will achieve entry to decrease charges, higher liquidity, and broader DeFi instruments, positioning Coinbase to additional capitalize on the rising demand for wrapped property within the Ethereum ecosystem.