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New Wrapped Assets: Coinbase Introduces cbXRP and cbDOGE on Base

Coinbase has expanded its DeFi ecosystem by launching wrapped versions of XRP and Dogecoin on its Base network. These assets, named cbXRP and cbDOGE, are designed to bring increased functionality and accessibility to holders of these popular cryptocurrencies.

According to a post on X by Aerodrome, cbXRP and cbDOGE are now available for use within Base’s layer-2 infrastructure. This development enables holders of XRP and Dogecoin to access decentralized finance tools and services on the Base network, which were previously unavailable to them.

Wrapped Tokens Enable Seamless DeFi Integration

Coinbase states that cbXRP and cbDOGE are backed one-to-one by their native counterparts, with the underlying assets held securely under Coinbase custody. This ensures that the value of the wrapped tokens reflects the value of the original coins while providing compatibility with the Base network. Users can now utilize these tokens for lending, liquidity provision, and other DeFi activities without needing to convert their assets.

Wrapped tokens function as representations of original assets, allowing integration into environments that do not natively support them. The launch of cbXRP and cbDOGE facilitates interoperability across platforms, thereby expanding the usability of XRP and Dogecoin. Within the Base network, these assets can be transferred efficiently between protocols while maintaining their value backing.

Strong Market Reaction in Initial Hours

Early data indicates a positive market response to the introduction of cbXRP and cbDOGE. These figures suggest growing interest in cross-chain DeFi participation and the enhanced asset flexibility offered within the Base platform.

Coinbase previously introduced a wrapped version of Bitcoin on Base. The addition of XRP and Dogecoin follows this pattern, extending DeFi tools to a broader range of digital asset holders.

XRP and DOGE Expand into Layer-2 Ecosystem

XRP is widely used for payment and remittance purposes and maintains a significant market capitalization. Dogecoin remains a prominent meme-based token with substantial market value.

Base, developed by Coinbase, is a layer-2 platform designed to support Ethereum-compatible applications. By supporting wrapped versions of non-Ethereum tokens, the network facilitates broader digital asset participation in DeFi activities.

Coinbase has confirmed that each cbXRP and cbDOGE token will remain backed by an equal amount of the native coin, held in a secure custody system. This system is designed to maintain full collateralization and transparency for users engaging in Base’s DeFi protocols.