Coinbase on 26 June rolled out wrapped versions of Cardano and Litecoin—branded cbADA and cbLTC—on its Ethereum layer-2 network, Base
Coinbase on 26 June rolled out wrapped versions of Cardano and Litecoin—branded cbADA and cbLTC—on its Ethereum layer-2 network, Base. The ERC-20 tokens give holders of ADA and LTC direct access to Ethereum-style decentralised finance applications without leaving the Coinbase ecosystem.
Each synthetic token is backed one-for-one by the underlying cryptocurrency held in segregated cold-storage wallets. Proof-of-reserves pages published by the exchange show 11,364 LTC and 2,963,259.36 ADA currently backing the new tokens. Coinbase mints cb-tokens upon verified deposits and burns them when users redeem for native assets; no conversion fees will be charged during an introductory period.
The launch completes the four-asset expansion the company outlined on 13 May, following cbDOGE and cbXRP releases earlier in June. Together with existing cbBTC and cbETH, Coinbase now offers Base users ERC-20 gateways to six of the ten largest non-stablecoins by market value. Base, which secures more than US$12 billion according to L2Beat, is the second-largest Ethereum layer-2 network.
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