Coinbase Set to Introduce Wrapped Versions of XRP, ADA, DOGE, and LTC on the Base Network
Coinbase is set to enhance its presence in the wrapped token sector with plans to introduce wrapped versions of XRP, Cardano (ADA), Dogecoin (DOGE), and Litecoin (LTC) on its Ethereum Layer 2 network, Base.
A recent update shared on May 13 through its Coinbase Assets X account confirmed that tokens cbXRP, cbADA, cbDOGE, and cbLTC will soon be available on Base.
Although these tokens are not yet operational, Coinbase mentioned that further details regarding their launch timeline will be provided in the future.
This initiative by Coinbase will enable Base users to access these well-known cryptocurrencies while benefiting from reduced fees, improved liquidity, and greater access to decentralized finance (DeFi) resources.
Base stands out as the largest Ethereum Layer 2 network, boasting more than $15 billion in total value secured, according to data from L2Beats.
In the meantime, Coinbase advised users to be vigilant against false claims concerning the availability of these tokens, asserting that only the official Base contract addresses for these assets will be:
- cbADA: 0xcbADA732173e39521CDBE8bf59a6Dc85A9fc7b8c
- cbDOGE: 0xcbD06E5A2B0C65597161de254AA074E489dEb510
- cbLTC: 0xcb17C9Db87B595717C857a08468793f5bAb6445F
- cbXRP: 0xcb585250f852C6c6bf90434AB21A00f02833a4af
cbBTC growth
Coinbase’s foray into wrapped tokens builds upon the prior success of cbBTC, which is a wrapped version of Bitcoin launched on Base last year.
This token was launched following BitGo’s announcement regarding modifications to its custody model for the widely utilized WBTC, prompting Coinbase to provide a distinct option for Bitcoin exposure on Base through cbBTC.
Since then, adoption of cbBTC has surged and it has extended its reach to other blockchain ecosystems like Solana, with its total supply rising to over 45,000, representing nearly $4 billion. Most of these tokens have been issued on Ethereum and the Base network.
Despite its impressive growth, cbBTC still lags behind some competitors in terms of market share.
As per information from Dune Analytics, WBTC holds a dominant position, controlling over half of the wrapped Bitcoin market at a 52.6% share, while BTCB from BNB Chain stands next at 26.7%, with cbBTC capturing roughly 16%.
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