- Coinbase plans to launch wrapped XRP, ADA, DOGE, and LTC on its Ethereum Layer 2 network, Base, expanding DeFi access.
- The exchange warns users to beware of fake tokens, sharing official contract addresses for the upcoming assets.
- Coinbase’s move builds on the success of cbBTC, which now holds a $4 billion supply but still trails WBTC in market share.
Coinbase is set to launch wrapped versions of XRP, Cardano (ADA), Dogecoin (DOGE), and Litecoin (LTC) on its Ethereum Layer 2 network, Base. The announcement, made on May 13 via Coinbase Assets X, confirmed the upcoming cbXRP, cbADA, cbDOGE, and cbLTC tokens – though no official launch date has been revealed yet. Wrapped tokens allow assets from one blockchain to be used on another, enhancing interoperability and expanding DeFi access on Base, the largest Ethereum layer-2 network with over $15 billion in total value secured.
Official Contract Addresses and Security Warning
Coinbase has urged users to beware of fake token claims ahead of the official launch. The exchange has provided the verified Base contract addresses for the new assets:
- cbADA: 0xcbADA732173e39521CDBE8bf59a6Dc85A9fc7b8c
- cbDOGE: 0xcbD06E5A2B0C65597161de254AA074E489dEb510
- cbLTC: 0xcb17C9Db87B595717C857a08468793f5bAb6445F
- cbXRP: 0xcb585250f852C6c6bf90434AB21A00f02833a4af
Coinbase emphasized that these are the only legitimate addresses for the new wrapped tokens and warned users to stay vigilant against fraudulent claims.
Building on cbBTC’s Success – A Strategic Expansion
Coinbase’s expansion into wrapped assets follows its earlier launch of cbBTC, a wrapped Bitcoin token introduced after BitGo adjusted its custody model for WBTC. Since its debut, cbBTC has gained traction, now circulating on other networks like Solana and boasting a supply of over 45,000 tokens, valued at nearly $4 billion. However, despite its growth, cbBTC still trails behind competitors like WBTC, which holds a 52.6% market share, and BTCB on BNB Chain at 26.7%, with cbBTC capturing just 16%.
Enhanced DeFi Access and Liquidity on Base
By integrating wrapped versions of major assets like XRP, ADA, DOGE, and LTC, Coinbase aims to boost liquidity and DeFi accessibility on Base. The move aligns with its strategy to make Base the go-to layer-2 network for cross-chain interoperability. Users will gain access to lower fees, better liquidity, and broader DeFi tools, positioning Coinbase to further capitalize on the rising demand for wrapped assets in the Ethereum ecosystem.
