Coinbase is bringing two iconic cryptocurrencies, XRP and Dogecoin, to the realm of DeFi with the launch of cbXRP and cbDOGE on Base. This move, which introduces wrapped versions of the tokens compatible with the EVM, is part of a broader strategic ambition within the crypto ecosystem.

cbXRP and cbDOGE: crypto tokens suited for DeFi

Both cbXRP and cbDOGE are pegged 1:1 with the original crypto assets, which are held in Coinbase's custody. This architecture allows for the replication of the assets on Base, where they can be used in smart contracts and decentralized applications.

The initiative is part of a broader effort to integrate cryptocurrencies that were previously on the margins of the Ethereum ecosystem into native DeFi flows. By adopting the ERC-20 standard, XRP and DOGE will benefit from increased portability and expand their liquidity. However, it remains to be seen whether this mechanism will be sufficient to compensate for the lack of native use cases for the tokens on Base.

Coinbase: the Base network grows stronger in the ecosystem

Coinbase's introduction of wrapped tokens cbXRP and cbDOGE on Base comes as the Base network, designed by Coinbase, continues to grow rapidly. This network is a key part of Coinbase's strategy to consolidate its position in the DeFi universe.

To put this growth in perspective:

* The network has already deployed more than 700 smart contracts.

* It boasts a daily active user count of over 100,000.

* The total value locked (TVL) on Base has reached $3 billion.

This dynamism makes Base a suitable infrastructure for hosting assets that, like XRP and DOGE, were originally confined to limited uses. The interest lies not only in expanding the catalog of available tokens but also in capturing the user community of these cryptos to funnel them towards integrated DeFi services.

After Coinbase launched cbBTC to conquer DeFi, the arrival of cbXRP and cbDOGE confirms the company's intention to absorb the liquidity of popular assets. Behind the apparent openness lies a growing centralization of crypto flow, where each bridge built by Coinbase strengthens its position as an essential gateway.