Coinbase has introduced wrapped versions of Cardano (ADA) and Litecoin (LTC) on its Ethereum Layer 2 network, Base. This expansion includes cbADA and cbLTC, fully backed 1:1 by their native assets held in Coinbase custody. This initiative aims to bridge non-Ethereum assets into the DeFi ecosystem. (Source: cryptoslate.com, theblock.co, fxleaders.com)
Approximately $2.5 million in LTC and ADA have been wrapped since launch, with $1.6 million in cbADA and $950,000 in cbLTC. This follows the earlier introduction of cbDOGE and cbXRP. The prices of the native tokens are: ADA at $0.554633, LTC at $84.37, DOGE at $0.160074, XRP at $2.12, and Bitcoin (BTC) at $107,269.
Coinbase's move aims to increase interoperability and user engagement within the DeFi space. By enabling assets from various blockchains to be utilized on the Base network, Coinbase is fostering a more interconnected and efficient financial ecosystem.