Coinbase announced the launch of cbADA and cbLTC tokens on its Base platform, enabling Cardano and Litecoin users to engage in Ethereum DeFi without liquidating native tokens.
Launch of cbADA and cbLTC Tokens
Coinbase has introduced wrapped versions of Cardano (cbADA) and Litecoin (cbLTC) on its Layer-2 solution, Base. These tokens allow ADA and LTC holders to participate in Ethereum DeFi, including yield farming and liquidity pools.
Backing and Proof of Reserves
Both cbADA and cbLTC are minted and burned in a 1:1 ratio against ADA and LTC held in Coinbase custody. Frequent proof-of-reserves ensures the reliability of this model, confirming that each wrapped token has a real asset backing it. This fosters trust among both institutional and retail investors.
Network Growth and Prospects
Since their launch, over 2.9 million cbADA and more than 11,300 cbLTC tokens have circulated, contributing to Base’s total value locked exceeding $3 billion. Project teams in the Base ecosystem are looking to utilize cbADA and cbLTC for new liquidity-mining initiatives.
The launch of cbADA and cbLTC highlights Coinbase's ambition to establish a unified DeFi hub. As new tokens integrate, innovative financial products and cross-chain lending opportunities are expected to emerge.
