Coinbase has launched wrap versions of Cardano Ada and Litecoin LTC tokens on Layer-2 Network Base. The exchange disclosed this on X months after Altcoins first said they had enveloped the assets.
According to the post, CBADA and CBLTC are ERC-20 tokens fully backed by Coibase Custody’s ADA and LTC. By enabling wrap versions of these tokens, Exchange wants to enable holders to use them within the base ecosystem.
It said:
“CBADA and CBLTC are currently live at @Base. CBADA and CBLTC are ERC-20 tokens backed by ADA and LTC, detained by Coinbase.”
The announcement also included contract addresses for the two tokens. Coinbase assets said it is necessary for bad actors to fire other tokens and mimic them. The CBADA address is 0xCBADA732173E39521CDBE8BF59A6DC85A9FC7B8C, and the CBLTC address is 0xCB17C9DB87B595717C857A08468793F5BAB645F.
Interestingly, Coinbase shares CBADA’s proof of readiness, indicating that 2.93 million ADA tokens are already wrapped in the network.
With this launch, CBADA and CBLTC will join other Coinbase rap assets, including Bitcoin CBBTC, XRP CBXRP, and DogeCoin CBDoge. These assets are only available on the base network, except for CBBTC, but wrapped Bitcoin is available on other networks such as Solana, Ethereum, and Arbitrum.
Coinbase has won praise for its approach to L2
Meanwhile, the recent launch has attracted much praise from the Crypto community, particularly for Base’s open approach to enabling other assets to participate in the decentralized finance ecosystem.
Unlike most L2 networks, including Kraken’s new ink network, the base does not have a native token. Instead, the platform focuses on keeping as many people as possible in chains, and packaging assets are part of many initiatives that Exchange has implemented to make this happen.
As Jesse Pollack, the creator of the base, said, “The base is for everyone.”
So far, that approach has paid off for the network. This brings together significant liquidity while currently dominating the transaction count of the Ethereum ecosystem. According to GrowthEpie, Base has seen 13.17 million unique addresses in the last seven days, far surpassing Ethereum Mainnet, with 2.3 million and Arbitrum winning 1.2 million.
With a huge number of users, it leads transaction counts with 7.91 million transactions today alone, bringing it to second place with a total of $123.9 billion. Naturally, Base is one of the most profitable L2 networks, earning more than $5 million in the last 30 days.
Interestingly, this may be the beginning of the base given the great interest among builders looking to deploy on the network. Base’s Demo Day has recently sold over 900 projects from around the world, with 11 of the top 77 pitching teams coming from Africa.
Analysts are bullish about the importance of Coinbase in crypto ecosystems
With the success of base networks and other Coinbase products, exchanges appear to be poised to dominate the crypto ecosystem. This is the opinion of a Bernstein analyst who recently raised the price target for Exchange Stock Coin from the previous $310 to $510.
According to analysts, Coinbase remains market share in the face of competition and could continue to do so even if Tradfi brokerages are involved in crypto trading. They specifically mentioned how Coibase connects Crypto’s retail, institutions, and on-chain infrastructure, noting that other exchanges were unable to do so at such a scale.
Meanwhile, Coinbase has continued to expand, recently securing the market for Crypto Assets (MICA) licenses in Luxembourg, allowing it to operate in all 27 European Union countries. Not surprisingly, Coin has been a top performer these days, up over 38.47% in just five days.
The shares are trading at $351, adding more than 40% from the previous year.
