TL;DR
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Coinbase has launched wrapped versions of Cardano (cbADA) and Litecoin (cbLTC) on its Base Layer 2 network.
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Both tokens are backed 1:1 by ADA and LTC held in Coinbase custody, with real-time proof of reserves available.
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This brings the total number of Coinbase-wrapped tokens on Base to five — adding more utility and liquidity to the L2.
Coinbase is expanding its Layer 2 ecosystem with two new wrapped assets: cbADA and cbLTC, backed 1:1 by Cardano (ADA) and Litecoin (LTC) held in custody.
In an announcement on Wednesday, the crypto exchange confirmed that both wrapped tokens are now live on Base, its Ethereum Layer 2 network. The new tokens allow users to move ADA and LTC into the Ethereum ecosystem via Base, unlocking new possibilities for DeFi participation and onchain activity.
Users who transfer ADA or LTC from Coinbase to Base will automatically receive cbADA or cbLTC in return. When sent back to Coinbase, the tokens are automatically converted back to native ADA or LTC, all at a 1:1 rate.
Coinbase also published real-time proof-of-reserves dashboards for both assets:
More Tokens, More Base Activity
cbADA and cbLTC are the fourth and fifth wrapped tokens to launch on Base. They follow cbDOGE and cbXRP, which rolled out earlier this month, and cbBTC, which debuted back in September.
Within the first 24 hours of launch, cbADA reached a supply of $1.7 million, while cbLTC saw nearly $1 million, according to Coinbase’s Proof-of-Reserves data. That’s a strong signal that users are interested in bringing major Layer 1 assets into the Base ecosystem, a network that continues to grow in both user adoption and DeFi integrations.
Final Thought
With every new wrapped token, Coinbase is turning Base into a more versatile and interconnected platform, letting users bring familiar assets into faster, cheaper, onchain environments. For ADA and LTC holders, it’s a seamless way to go onchain without leaving the assets behind.
Wrapped tokens might not be new, but Coinbase’s plug-and-play approach with native proof of reserves makes it refreshingly easy. And it raises the question, Which token comes next?
