What to know:
- Coinbase has just sprinkled cbADA and cbLTC onto its shiny Ethereum layer-2, Base. This means if you’re hoarding Cardano or Litecoin, you can now access DeFi like a civilized crypto baron (or a moderately curious raccoon).
- Each of these fancy-wrapped tokens is actually backed one-to-one by the real deal—ADA and LTC—kept in the fabled vaults of Coinbase, with regular proof-of-reserves. Because “trust but verify” is practically the blockchain national anthem.
- Already, more than 11,300 wrapped LTC and a staggering 2.9 million wrapped ADA are whizzing around Base, which now boasts a total value locked (TVL) exceeding three billion US dollars. That’s not chump change, unless you’re a billionaire villain stroking a cat.
In a maneuver that can be described as either ingenious or mildly confusing (sometimes both), Coinbase introduced Cardano’s ADA and Litecoin to Base through their wrapped alter-egos: cbADA and cbLTC. It’s a bit like putting a superhero costume on your tokens so they can party on the Ethereum Layer-2 dance floor.
The process? Simple—as long as your definition of “simple” includes several layers of cryptographic voodoo. Your ADA and LTC get tucked away safely in Coinbase custody, where they’re watched over like rare butterflies. In return, you get cbADA or cbLTC, which you can mint or burn at will. Regular audits assure us there’s actually something in the cookie jar, rather than just tumbleweeds and broken dreams.
If this sounds familiar, that’s because Coinbase has already done similar magic tricks with bitcoin, ether, XRP, and dogecoin (Base just loves a diverse guest list). The result is a sprawling cross-chain bazaar that’s about as interoperable as a Swiss Army knife stapled to a smartphone.
The big sell here? Wrapped tokens are the duct tape of crypto—they solve interoperability. ADA and LTC, normally about as compatible with Ethereum as oil and vinegar, now slip seamlessly onto Base. It’s a bit like training your cats and dogs to play nicely with your neighbor’s chickens.
Armed with these new wrapped toys, crypto folks can now throw themselves into on-chain adventures like yield farming, liquidity pools, trading, and lending—all while clinging to their original tokens like a nervous squirrel. You don’t even need to let go.
Base itself is already sitting comfortably atop more than $3 billion in total value locked. And of course, with every new asset comes a fresh round of liquidity mining incentives—because nothing says “welcome” like some extra fees and the prospect of someone else doing all the work for your gain. Ah, capitalism.
So there you have it. If you’ve ever wanted to experience DeFi through the eyes of a slightly bemused tourist, now’s your chance. The tokens may be wrapped, but the possibilities are wide open—and you don’t even need to buy a plane ticket (or wear pants).
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2025-06-26 11:18