Coinbase, a well-known cryptocurrency exchange, has announced the launch of wrapped tokens for Cardano (cbADA) and Litecoin (cbLTC) on its Layer-2 network, Base. These innovations open new opportunities for users and increase interest in the ecosystem.
Launch of Wrapped Tokens
Coinbase announced the launch of wrapped versions of Cardano (cbADA) and Litecoin (cbLTC) in its Base network. The exchange shared this news through its account on X. Wrapped tokens are ERC-20 tokens fully backed by ADA and LTC in Coinbase’s custody.
Token Support and Security
Coinbase also provided the contract addresses for cbADA and cbLTC, which are necessary for protecting users from potential scammers creating fake tokens. The address for cbADA is 0xcbADA732173e39521CDBE8bf59a6Dc85A9fc7b8c, and for cbLTC it’s 0xcb17C9Db87B595717C857a08468793f5bAb6445F. Additionally, Coinbase shared proof of reserves for cbADA, showing that 2.93 million ADA tokens have already been wrapped on the network.
Analysis of the New Introduction and Future Plans
With the launch of cbADA and cbLTC, these tokens have become part of a broader system of wrapped assets on the Coinbase platform. Base’s creator, Jesse Pollack, emphasizes that the network’s approach is focused on accessibility and the development of decentralized finance. Recently, the Base network has demonstrated high activity, leading in transaction counts and unique addresses in the Ethereum ecosystem.
The launch of wrapped tokens by Coinbase highlights the exchange's commitment to expanding the capabilities of its Base network and strengthening its position in the cryptocurrency industry. Given the growing interest in decentralized finance, this innovation could significantly impact the future of users and market participants.
