- New Wrapped Assets: Coinbase introduced cbXRP and cbDOGE on Base, backed 1:1 by native XRP and Dogecoin.
- These tokens enable participation in DeFi activities like lending and liquidity on the Base network.
- cbXRP reached $5M market cap in 24 hours, while cbDOGE neared $2M, showing early user engagement.
Coinbase has expanded its DeFi ecosystem by launching wrapped versions of XRP and Dogecoin on its Base network. According to a post on X by Aerodrome, the wrapped assets, cbXRP and cbDOGE, are now available for use within Base’s layer-2 infrastructure. This move allows holders of the two cryptocurrencies to access decentralized finance tools and services that were previously unavailable to them on this network.
Wrapped Tokens Enable Seamless DeFi Integration
According to Coinbase, cbXRP and cbDOGE are backed one-to-one by their native coins. These wrapped versions are held securely under Coinbase custody. This structure ensures the original value of the coins is preserved while enabling compatibility with Base. Users can now use these tokens to participate in lending, liquidity provision, and other DeFi activities without needing to convert their assets.
Wrapped tokens function as representations of original assets. They allow integration into environments that do not support the native versions directly. The launch of cbXRP and cbDOGE offers interoperability across platforms, helping expand their usability. Within the Base network, the assets can be transferred quickly between protocols while maintaining value backing.
Strong Market Reaction in First 24 Hours
Based on data from BaseScan, the wrapped XRP token recorded a market capitalization above $5 million within 24 hours. In the same period, wrapped Dogecoin approached a $2 million market cap. These early figures reflect growing interest in cross-chain DeFi participation and asset flexibility within the Base platform.
Coinbase had previously introduced a wrapped version of Bitcoin on Base in September of the previous year. That asset has grown steadily and now holds a market capitalization of over $4.7 billion. The addition of XRP and Dogecoin follows this trend, extending DeFi tools to holders of high-demand digital assets.
XRP and DOGE Expand into Layer-2 Ecosystem
XRP is primarily used for payment and remittance purposes and has a market cap of $128.8 billion. It remains one of the largest digital currencies in circulation. Meanwhile, Dogecoin continues to lead among meme-based tokens, with a market value of $28.2 billion.
Base, developed by Coinbase, is a layer-2 platform built to support Ethereum-compatible applications. By supporting wrapped versions of non-Ethereum tokens, the network allows broader digital asset participation in DeFi operations.
Coinbase confirmed that each cbXRP and cbDOGE token will remain backed by an equal amount of the native coin. The platform emphasized that these wrapped tokens are held in a secure custody system. This system is designed to maintain full collateralization and transparency for users engaging in Base’s DeFi protocols.
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