Key Highlights:
- Coinbase introduces cbADA and cbLTC, wrapped versions of Cardano and Litecoin on Base.
- These ERC-20 tokens allow ADA and LTC to be used in Ethereum DeFi.
- Total supply already exceeds $2.7 million in first 24 hours.
Wrapped Assets Expand Coinbase’s Base Ecosystem
Coinbase has launched wrapped versions of Cardano (ADA) and Litecoin (LTC) on its Ethereum Layer 2 network, Base. The tokens, cbADA and cbLTC, are backed 1:1 by ADA and LTC held in Coinbase custody. Users can send ADA or LTC from their Coinbase accounts to Base and receive the corresponding wrapped tokens for use in DeFi apps. Withdrawals convert the tokens back to their original assets.A Growing Family of Wrapped Tokens
Coinbase now offers five wrapped tokens on Base, including cbBTC, cbDOGE, and cbXRP. These enable access to DEXs, lending protocols, and more. cbADA and cbLTC debuted with $1.7M and $1M in supply, respectively. Base has quickly become Ethereum’s most active Layer 2 by transaction count and user addresses, signaling strong momentum for its growing ecosystem of tokenized assets.
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