TL;DR
- Coinbase launches cbADA and cbLTC on its Base L2, bringing Cardano and Litecoin into Ethereum-compatible DeFi without selling native tokens.
- Each wrapped token is minted/burned 1:1 against ADA or LTC in custody, with regular proof-of-reserves ensuring full transparency and security.
- Early traction, 2.9 M cbADA, and 11.3 K cbLTC in circulation have pushed Base’s TVL past $3 billion and ignited new liquidity-mining and yield initiatives.
Coinbase has rolled out wrapped versions of Cardano (cbADA) and Litecoin (cbLTC) on its Layer-2 network, Base, marking a significant stride in cross-chain integration. By tokenizing ADA and LTC as ERC-20 assets, holders can seamlessly participate in Ethereum-style DeFi, yield farming, liquidity pools, or decentralized trading, without liquidating their native coins. This move aligns with Coinbase’s vision of making diverse blockchains interoperable within a unified DeFi ecosystem.
One-to-One Backing and Proof-of-Reserves
Both cbADA and cbLTC are created and destroyed as needed, maintaining a precise one-to-one ratio, and are completely backed by ADA and LTC stored in Coinbase’s custody.
Frequent proof-of-reserves verify the reliability of this backing, guaranteeing that each wrapped token is matched by a real asset in Coinbase’s vaults. This clear strategy is designed to instill trust in both institutional and retail users who seek verifiable security when engaging with DeFi protocols.
Early Uptake and Network Growth
Since the public debut, over 2.9 million cbADA and more than 11,300 cbLTC tokens have already circulated across Base, reflecting strong initial demand. These figures have helped reinforce Base’s total value locked, which now stands north of $3 billion.
Project teams within the Base ecosystem are eyeing cbADA and cbLTC for new liquidity-mining initiatives, offering incentives to bootstrap trading pairs and yield opportunities. As these wrapped assets gain traction, Base continues to dethrone competitors in transaction volume and developer activity.
Expanding the Cross-Chain Landscape
This latest expansion follows Coinbase’s earlier launches of wrapped Bitcoin, Ether, XRP, and Dogecoin on Base, underscoring its ambition to serve as a one-stop DeFi hub. By integrating Cardano and Litecoin into the Ethereum compatibility layer, Coinbase is expanding user options while also speeding up the unification of different blockchain communities.
As more protocols integrate cbADA and cbLTC, we can expect an uptick in innovative financial products, synthetic derivatives, cross-chain lending markets, and beyond. Coinbase’s roadmap suggests more token integrations, strengthening Base’s philosophy of being “for everyone” and paving the way for a more interconnected DeFi future.
