Coinbase has launched two wrapped tokens of XRP and DOGE, cbXRP and cbDOGE, on its Ethereum Layer 2 network called Base. The release follows a quiet preview last month and now gives popular assets like XRP and Dogecoin access to the fast-growing world of decentralized finance.
Coinbase holds the actual XRP and DOGE in secure storage and mints one cbXRP or cbDOGE for each coin kept safe. These wrapped tokens run on Base, which is compatible with Ethereum and offers quicker and less expensive transactions than Ethereum’s main network.
The main goal of these new tokens is to give more utility to assets that traditionally lived outside Ethereum. By wrapping them on Base, users can now use XRP and DOGE inside decentralized apps like lending platforms, decentralized exchanges, and yield farms.
A Base representative said the initiative is part of a broader plan to make the on-chain economy more accessible. Coinbase wants Base to be a place where anyone can participate, regardless of what asset they hold.
The numbers from the first day are already promising. Over 2.3 million cbXRP tokens are out there now, worth around $5 million. And more than 10.4 million cbDOGE tokens have been released, adding up to about $1.9 million. This early buzz clearly shows people want to use familiar coins like XRP and Dogecoin in new DeFi setups.
Coinbase wants Base to stand out among other Layer 2 networks. By bringing in more tokens, it’s making the platform more appealing to people who want faster, cheaper transactions without leaving their go-to coins behind.
More Wrapped Assets on the Way
Coinbase has confirmed that cbLTC and cbADA are already in development. These wrapped versions of Litecoin and Cardano will launch at a later date. The company is building on the success of cbBTC, its wrapped Bitcoin product that launched last year and has since grown to a market capitalization of $4.7 billion.
By steadily expanding its wrapped asset offerings, Coinbase is bringing some of the most popular coins into Ethereum’s DeFi world. The move adds real value for users who want to do more with the assets they already own while also making Base a more useful and inclusive platform.
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