On June 26, Coinbase announced the launch of new synthetic tokens cbADA and cbLTC, positively influencing their ecosystem.
Introduction
The launch of new synthetic tokens cbADA and cbLTC was announced in a Coinbase update from June 25. These tokens are backed 1:1 by the underlying assets held on Coinbase.
New Tokens and Their Features
Each of the new synthetic tokens, cbADA and cbLTC, has corresponding backing. At launch, Coinbase’s transparency dashboards show: * 11,364 LTC backing cbLTC * 2,963,259.36 ADA backing cbADA These tokens provide users a way to interact with popular non-Ethereum assets on Base’s faster, lower-cost infrastructure.
Success and Growth of the Base Platform
Base is actively growing as one of the largest Ethereum layer-2 platforms, with over $12 billion in total value secured. The addition of new multi-asset synthetic tokens highlights its role as a hub for cross-chain liquidity and on-chain utility.
The introduction of new synthetic tokens cbADA and cbLTC underscores Coinbase's strategic approach to expanding functionality and available assets, which in turn supports the growth of the Base platform.
