Coinbase Introduces Wrapped Cardano and Litecoin on Base Network
Coinbase has launched wrapped versions of Cardano's ADA and Litecoin's LTC on its Ethereum layer-2 network, Base, identified as cbADA and cbLTC.
- The assets are fully backed by ADA and LTC held in Coinbase custody.
- They are minted and burned on a one-to-one ratio with proof-of-reserves.
- Over 11,300 wrapped LTC and 2.9 million wrapped ADA have been minted and are circulating.
- Previous wrapped tokens include Bitcoin, Ether, XRP, and Dogecoin.
- Wrapped tokens enhance interoperability for activities like yield farming and trading without selling original tokens.
- Base's total value locked (TVL) exceeds $3 billion, with potential liquidity mining incentives for new assets.