Era of evolution for XRP and DOGE: Latest iterations unveiled by Coinbase
Informal Take: Coinbase, the leading dog in US crypto exchanges, just dropped some major updates! They've rolled out wrapped versions of XRP (cbXRP) and Dogecoin (cbDOGE) on their Base network, which is built on Ethereum's layer-2 solution. This means these assets can now be used in decentralized applications. Exciting, right?
The cool part is, the original assets are kept safe in Coinbase's custody, with each wrapped token being backed by the same amount of real XRP and DOGE. So, no worries about loosechange here. As of now, around 10.4 million cbDOGE with a value of $1.88 million and 2.3 million cbXRP worth over $5 million, have been issued. Coinbase even shared the contract addresses to help you avoid getting scammed.
Patience, though, these two aren’t the only ones joining the party. Coinbase has its eyes set on wrapping Cardano (ADA) and Litecoin (LTC) in the future.
After the launch of wrapped Bitcoin (cbBTC) on Base and Ethereum, cbBTC is estimated to become the third-largest wrapped Bitcoin. It's already raking in a market value of $4.7 billion, putting it in the big leagues alongside Binance's BTCB and BitGo's WBTC.
Coinbase is having a rollercoaster ride. On the one hand, they made it to the S&P 500 index and acquired Deribit, the largest crypto derivatives platform, deal worth $2.9 billion. On the other hand, they've been hit by a data breach that's affected about 69,000 users, causing potential losses of $400 million. The breach has also raised concerns about data security and transparency.
So, there you have it. Coinbase is continuing to shake up the crypto world, one wrapped token at a time!
Related: Heads up for Shiba Inu (SHIB) and Coinbase users!
Wrap It Up, Crypto Style
Coinbase's launch of cbXRP and cbDOGE on Base network has boosted the utility of these assets within decentralized finance (DeFi) ecosystems. Here's what it means for you:
Let's Cross Chains
- Breaking Down Barriers: Wrapped tokens allow assets from other blockchains, such as XRP and DOGE, to be leveraged within the Base network, enhancing their DeFi potential.
DeFi Action, Lower Fees
- Scaling Down Costs: Base, known for its low transaction costs and high throughput, makes DeFi more accessible by lowering the fees for using cbXRP and cbDOGE.
Liquidity, Boosted
- Adding Pools, Increasing Options: The introduction of wrapped XRP and DOGE brings new liquidity pools to Base's DeFi landscape, broadening the range of assets available for trading and yield generation.
Safety First
- 1:1 Backing, Keeping it Real: Each cbXRP and cbDOGE token is fully backed by a corresponding amount of real XRP or DOGE. Trusty, huh?
- Contract-checking, Avoiding Fakes: Coinbase has publicly shared the official contract addresses to help you steer clear of scams and interact only with the legitimate tokens.
DeFi expands, thanks to Coinbase
- Bringing in the New: By making popular cryptocurrencies like XRP and DOGE accessible to Base’s DeFi users, Coinbase is drawing in new participants to both the Base ecosystem and DeFi more broadly.
- The Future's Wrapped: Coinbase plans to launch wrapped versions of other major cryptocurrencies, such as Cardano (ADA) and Litecoin (LTC), further fueling DeFi growth on Base.
In conclusion, Coinbase's wrapped XRP and DOGE on Base open up fresh opportunities for existing crypto holders to make the most of their assets in the ever-evolving world of decentralized finance. Keep an eye on this space!
These sentences follow from the given text and contain the given words:
- Coinbase's launch of wrapped XRP (cbXRP) and Dogecoin (cbDOGE) on the Base network, which is built on Ethereum's layer-2 solution, opens a new avenue for investing in these cryptocurrencies within the field of decentralized finance (DeFi).
- Coinbase has plans to wrap more popular cryptocurrencies like Cardano (ADA) and Litecoin (LTC) in the future, signifying a significant expansion of DeFi on the Base network and potential growth in technology and business partnerships.
