Coinbase Launches Wrapped XRP and Dogecoin for DeFi on Base
Crypto traders can now access yield-generating decentralized finance (DeFi) opportunities on Base using wrapped versions of XRP and Dogecoin, named cbXRP and cbDOGE.
- Coinbase announced the launch of these tokens, which are backed 1:1 by their native coins.
- cbXRP's market cap exceeded $5 million within 24 hours; cbDOGE is nearing $2 million.
- XRP has a total market cap of $128.8 billion, while Dogecoin is valued at $28.2 billion.
- Wrapped tokens enhance compatibility with Base's DeFi applications and facilitate seamless transfers.
- Coinbase previously launched a wrapped version of Bitcoin, which has a market cap of over $4.7 billion.