Coinbase has announced the launch of new wrapped tokens aimed at integrating traditional cryptocurrencies into the DeFi ecosystem on the Base platform.
Introduction to the New Initiative
The wrapped token initiative is led by the Base team at Coinbase. Wrapped tokens like cbLTC and cbADA will allow standalone assets like Litecoin and Cardano to participate in the Base DeFi ecosystem. This strengthens Coinbase's infrastructure and enables cross-chain interoperability while maintaining the value of the original assets.
Contract Addresses of Wrapped Tokens
To enhance security and transparency, Coinbase has released verified contract addresses for each new wrapped token, which will be the only legitimate addresses once the tokens go live:
**cbLTC**: 0xcb17C9Db87B595717C857a08468793f5bAb6445F
**cbADA**: 0xcbADA732173e39521CDBE8bf59a6Dc85A9fc7b8c
**cbDOGE**: 0xcbD06E5A2B0C65597161de254AA074E489dEb510
**cbXRP**: 0xcb585250f852C6c6bf90434AB21A00f02833a4af. These tokens will be usable across DeFi applications on Base and potentially beyond.
Coinbase's DeFi Strategy
By launching these wrapped tokens, Coinbase is creating a bridge between non-EVM compatible tokens (like XRP and LTC) and the Base network. Jesse Pollak, who leads Base at Coinbase, previously described Base as 'the home for Coinbase on-chain' and stated that it is not meant to compete with Ethereum but to enhance it. Integrating wrapped tokens deepens this commitment, bringing more users and assets into Ethereum’s Layer 2 scaling solution without compromising decentralization or user autonomy.
The launch of wrapped tokens by Coinbase on the Base platform is a step toward the future of blockchain finance. By enabling interoperability for popular but siloed assets, Coinbase is expanding the functionality of its DeFi ecosystem.
