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 submit printed on Could 13 through its Coinbase Property X account, the trade confirmed the upcoming availability of cbXRP, cbADA, cbDOGE, and cbLTC tokens on Base.
Nonetheless, these belongings aren’t reside but, and Coinbase acknowledged {that a} launch timeline will probably be revealed later.
Wrapped tokens permit belongings from one blockchain for use on one other, bettering ecosystem interoperability.
So, Coinbase’s transfer would supply Base customers entry to those well-liked digital currencies whereas offering decrease charges, higher liquidity, and broader entry to DeFi instruments.
Base is the biggest Ethereum layer-2 community, with a complete worth secured of greater than $15 billion, in keeping with L2Beats knowledge.
In the meantime, Coinbase warned customers to be cautious of faux claims about these tokens being obtainable. The trade acknowledged that the one official Base contract addresses for these belongings will probably be:
cbADA: 0xcbADA732173e39521CDBE8bf59a6Dc85A9fc7b8ccbDOGE: 0xcbD06E5A2B0C65597161de254AA074E489dEb510cbLTC: 0xcb17C9Db87B595717C857a08468793f5bAb6445FcbXRP: 0xcb585250f852C6c6bf90434AB21A00f02833a4af
cbBTC development
Coinbase’s growth 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 adjustments to its custody mannequin. This prompted Coinbase to supply a separate choice for Bitcoin publicity on Base through 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 complete provide exceed 45,000, equal to just about $4 billion. Most of those tokens had been issued on Ethereum and the Base community.
Nonetheless, regardless of its development, cbBTC nonetheless trails different opponents in market share.
In accordance with 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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