Coinbase on 26 June rolled out wrapped variations of Cardano and Litecoin—branded cbADA and cbLTC—on its Ethereum layer-2 community, Base
Coinbase on 26 June rolled out wrapped variations of Cardano and Litecoin—branded cbADA and cbLTC—on its Ethereum layer-2 community, Base. The ERC-20 tokens give holders of ADA and LTC direct entry to Ethereum-style decentralised finance functions with out leaving the Coinbase ecosystem.
Every artificial token is backed one-for-one by the underlying cryptocurrency held in segregated cold-storage wallets. Proof-of-reserves pages revealed by the change present 11,364 LTC and 2,963,259.36 ADA at the moment backing the brand new tokens. Coinbase mints cb-tokens upon verified deposits and burns them when customers redeem for native property; no conversion charges will probably be charged throughout an introductory interval.
The launch completes the four-asset enlargement the corporate outlined on 13 Might, following cbDOGE and cbXRP releases earlier in June. Along with present cbBTC and cbETH, Coinbase now gives Base customers ERC-20 gateways to 6 of the ten largest non-stablecoins by market worth. Base, which secures greater than US$12 billion in keeping with L2Beat, is the second-largest Ethereum layer-2 community.
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