Coinbase is increasing its footprint within the wrapped token house by making ready to launch wrapped variations of XRP, Cardano (ADA), Dogecoin (DOGE), and Litecoin (LTC) on its Ethereum Layer 2 community, Base.
In a put up revealed on Could 13 by way of its Coinbase Belongings X account, the change confirmed the upcoming availability of cbXRP, cbADA, cbDOGE, and cbLTC tokens on Base.
Nonetheless, these belongings are usually not reside but, and Coinbase said {that a} launch timeline will likely be revealed later.
Wrapped tokens enable belongings from one blockchain for use on one other, bettering ecosystem interoperability.
So, Coinbase’s transfer would provide Base customers entry to those widespread digital currencies whereas offering decrease charges, higher liquidity, and broader entry to DeFi instruments.
Base is the most important Ethereum layer-2 community, with a complete worth secured of greater than $15 billion, in accordance with L2Beats knowledge.
In the meantime, Coinbase warned customers to be cautious of pretend claims about these tokens being out there. The change said that the one official Base contract addresses for these belongings will likely be:
- cbADA: 0xcbADA732173e39521CDBE8bf59a6Dc85A9fc7b8c
- cbDOGE: 0xcbD06E5A2B0C65597161de254AA074E489dEb510
- cbLTC: 0xcb17C9Db87B595717C857a08468793f5bAb6445F
- cbXRP: 0xcb585250f852C6c6bf90434AB21A00f02833a4af
cbBTC progress
Coinbase’s enlargement into wrapped belongings builds on its earlier success with cbBTC, a wrapped Bitcoin model launched on Base final 12 months.
The token was launched after BitGo, issuer of the broadly used WBTC, introduced modifications to its custody mannequin. This prompted Coinbase to supply a separate choice for Bitcoin publicity on Base by way of its cbBTC product.
Since then, cbBTC’s adoption has gone parabolic and expanded to different blockchain networks like Solana. This has helped the token’s whole provide exceed 45,000, equal to almost $4 billion. Most of those tokens have been issued on Ethereum and the Base community.
Nonetheless, regardless of its progress, cbBTC nonetheless trails different opponents in market share.
Based on knowledge from Dune Analytics, WBTC presently controls over half the wrapped Bitcoin market with a 52.6% share. BTCB, issued on BNB Chain, follows at 26.7%, whereas cbBTC accounts for round 16%.
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