4 hours ago
Coinbase has introduced cardano's ADA ADA and litecoin LTC connected its Ethereum layer-2 web Base via cbADA and cbLTC.
These assets are afloat backed by ADA and LTC locked successful Coinbase custody, minted and burned connected request astatine a one-to-one ratio, with regular proof-of-reserves to backmost up the claims. Data shows implicit 11,300 wrapped LTC and 2.9 cardinal wrapped ADA person already been minted connected Base and are actively circulating.
Coinbase has antecedently issued versions of bitcoin BTC, ether ETH, XRP XRP, and dogecoin (DOGE connected Base, creating 1 of the astir broad cross-chain ecosystems successful furniture 2.
Wrapped tokens lick the interoperability puzzle. ADA and LTC are autochthonal to different blockchains and cannot beryllium straight utilized connected Ethereum oregon babelike furniture 2s, specified arsenic Base.
However, utilizing wrapped tokens allows holders and users to interact successful onchain activities similar output farming, liquidity pools, trading, and lending — each without selling their archetypal tokens.
Base's full worth locked (TVL) is conscionable implicit $3 billion arsenic of Thursday, and ecosystem projects whitethorn connection liquidity mining incentives for these newer assets to seizure worth (and marque fees successful the process).
Read more: Coinbase Unlocks DeFi Opportunities for XRP and Dogecoin Holders connected Base
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