Coinbase Expands Multi-Asset Access by Adding Cardano and Litecoin Supported Tokens to the Base Network
Coinbase continues to expand its asset range on the Ethereum-based layer-2 network Base. The company took another significant step in its strategy to increase cross-chain access and liquidity by launching synthetic tokens backed by Cardano (cbADA) and Litecoin (cbLTC). With this move, the first phase of four tokens has been completed alongside cbDOGE and cbXRP, which were launched earlier this year.
These synthetic assets offered by Coinbase are fully backed at a 1:1 ratio by real ADA and LTC assets held in secure custody services. Reserve proofs are transparently presented on-chain in a way that anyone can audit. As of now, it is confirmed that Coinbase's reserves contain approximately 2.96 million ADA and 11,364 LTC.
Security and Transparency First
Coinbase's synthetic token approach offers a strong model in the industry in terms of both transparency and reliability. Each token provides a structure backed by full collateral that can be redeemed by users at any time. This offers investors a DeFi experience that is both transparent and compliant with regulations.
Base is Becoming a Central Layer-2 for Multi-Assets
Base, which ranks second in TVL (total value locked) among Ethereum layer-2 solutions, currently has secured over $12 billion in value. The addition of supported tokens like cbADA and cbLTC further strengthens Base's role as a cross-chain liquidity hub.
With these synthetic assets, users can trade with Cardano and Litecoin assets in Ethereum-compatible decentralized applications. This allows for interaction with more assets without the high transaction fees and delays of the main network. Existing tokens like cbBTC and cbETH are also continuing to grow: cbBTC represents 24% of the synthetic Bitcoin market, while cbETH represents 7% of staked Ethereum (according to Dune Analytics data).
A New Breath for the DeFi Ecosystem: Expanding Asset Support
The diversification of tokens supported on the Base network accelerates innovations in the decentralized finance (DeFi) ecosystem. Users can now perform operations such as yield farming, trading, and liquidity provision using cbADA and cbLTC. This development stands out as part of Coinbase's determination to integrate alternative assets into its platform.
The growth of Base has the potential to attract more developers and liquidity providers to the ecosystem. This lays the foundation for a more connected, diverse, and scalable DeFi environment.
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