Coinbase adds cbADA and cbLTC to Base, bringing Cardano and Litecoin into its layer-2 network.
- cbADA and cbLTC are backed 1:1 by original tokens held in Coinbase custody
- Users can now use ADA and LTC in Ethereum-based apps without selling them
- Over 2.9M cbADA and 11,300 cbLTC have already been minted
Wrapped ADA and LTC Now on Base
Coinbase has launched wrapped versions of Cardano (ADA) and Litecoin (LTC) on its Ethereum layer-2 network, Base. These tokens are called cbADA and cbLTC. They are fully backed by the original ADA and LTC tokens, which are held in Coinbase custody. Each cbADA is equal to one ADA, and each cbLTC matches one LTC.
What Wrapped Tokens Do
ADA and LTC come from different blockchains. Normally, they can’t work on Ethereum or apps built on Ethereum. Wrapped tokens fix this. With cbADA and cbLTC, people can now use their ADA and LTC in Ethereum-based apps like trading, lending, and farming. They don’t need to sell their real tokens—they just wrap them into a version that works on Base.
Activity and Growth on Base
Data shows that users have already minted over 2.9 million cbADA and 11,300 cbLTC. These tokens are now in use across the Base network. Coinbase has also wrapped other coins like Bitcoin, Ether, XRP, and Dogecoin on Base. This makes Base one of the most connected networks for different blockchains.
What This Means for Users
People holding ADA and LTC can now join DeFi projects on Base. They might earn rewards from projects offering liquidity mining. As of this week, Base has a total value locked (TVL) of over $3 billion, and it continues to grow. These wrapped tokens make it easier for users to take part in that growth while keeping their original crypto.
Source: coindesk.com
