Crypto traders are eagerly awaiting the arrival of two popular tokens, XRP and dogecoin, on Base, a layer-2 scaling network launched by Coinbase (NASDAQ:COIN) earlier this year.

On Wednesday, the Nasdaq-listed exchange said the wrapped versions of the two tokens, called cbXRP and cbDOGE, were live on Base. These wrapped tokens are backed 1:1 by native coins, meaning that for all cbXRP and cbDOGE in circulation, there is an equivalent amount of XRP or dogecoin held in a secure custody solution by Coinbase.

“We're excited to welcome two more stellar tokens to the Base ecosystem,” said Ben Rose, head of DeFi at Coinbase. “These integrations will introduce new use cases and drive even greater levels of participation in decentralized finance on Base.”

Coinbase first announced support for XRP and dogecoin on Base in June. The inclusion of the two tokens expands the possibilities for DeFi on Base.

Wrapped tokens represent the original assets in environments where they are otherwise unavailable, offering compatibility with Base's protocol and DeFi applications. This facilitates interoperability, allowing for the seamless transfer of coins within the ecosystem while allowing holders to tap into DeFi and generate additional returns on top of their spot market holdings.

The arrival of cbXRP on Base follows its integration on other blockchains, including Ethereum and Avalanche.

The wrapped version of XRP has achieved a market cap of over $5 million within the first 24 hours, according to data source BaseScan.

Wrapped DOGE's market cap is fast nearing the $2 million mark.

XRP is a payments-focused cryptocurrency used by Ripple to facilitate cross-border transactions and has a market cap of $128.8 billion, making it the fourth-largest cryptocurrency. Dogecoin, with a market value of $28.2 billion, is the world's leading meme token by market value, CoinDesk data show.

XRP is a payments-focused cryptocurrency used by Ripple to facilitate cross-border transactions and has a market cap of $128.8 billion, making it the fourth-largest cryptocurrency. Dogecoin, with a market value of $28.2 billion, is the world's leading meme token by market value, CoinDesk data show.

Coinbase debuted a wrapped version of bitcoin on Base in April. The token, called cbBTC, has a market cap of over $136 million and has seen trading volumes of over $376 million since launch, according to BaseScan data.