Coinbase has completed the process of integrating off-Ethereum assets into its ecosystem by adding wrapped tokens for Cardano (cbADA) and Litecoin (cbLTC) to the Base network. These tokens are supported one-to-one by real assets, and their reserves are transparently audited; thus providing users with a secure and transparent bridge.
An important step has come from Coinbase that removes barriers between different blockchain networks. Well-known names in the crypto world, Cardano (ADA) and Litecoin (LTC), have officially joined Coinbase's fast and efficient Layer-2 network called Base. Now, transactions can easily be made on the Base network with cbADA and cbLTC tokens.
So, what do cbADA and cbLTC mean? To explain simply: You deposit your actual ADA or LTC into Coinbase's secure vault. In return, you receive a token that is equivalent in value on the Base network, meaning a one-to-one equivalent. This token is called a 'wrapped token.'
Coinbase holds a real ADA in its vault for every cbADA; this means complete transparency and security. Moreover, the reserves are shared publicly in an accessible manner. Thus, Coinbase has completed its asset transfer move to the Base network, which it previously initiated with cbDOGE and cbXRP, with cbADA and cbLTC.
Coinbase’s goal is quite clear: to make its own Layer-2 network Base a convergence point for different blockchains and a liquidity center. In other words, Cardano or Litecoin holders will be able to easily evaluate their assets in DeFi projects and other applications using Base’s fast and low-cost infrastructure instead of slow and costly main networks.
This development both expands the use cases of the related projects and significantly increases the value and activity of the Base network. Considering the success of the cbBTC and cbETH tokens previously launched by Coinbase, it can be said that the new tokens will also have similar potential.
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