Coinbase Introduces cbDOGE and cbXRP as ERC-20 Tokens on Base Chain

Coinbase has launched wrapped versions of XRP and Dogecoin, cbXRP and cbDOGE, on its Base Layer 2 Ethereum network, enhancing DeFi interoperability for both assets.

ETH

XRP

DOGE

187d ago

Summary

Coinbase launched cbDOGE and cbXRP on its Base Layer 2 Ethereum network, minting approximately $7 million worth of tokens in the first 24 hours. Both tokens are backed 1:1 by XRP and DOGE held in custody, enhancing their utility in DeFi applications. As of now, cbXRP has a market cap of around $4.87 million with 348 holders, while cbDOGE has a market cap of about $1.75 million with 179 holders. Base currently boasts the highest Total Value Locked (TVL) among Layer-2 chains at approximately $3.6 billion, accounting for over 37% market share.

Terms & Concepts

ERC-20: A standard for creating tokens on the Ethereum blockchain, enabling interoperability and ease of integration with various platforms.
Base chain: Coinbase's Layer 2 solution designed to improve transaction speed and reduce costs for users.
Wrapped tokens: Tokens that represent original assets in environments where they are otherwise unavailable, allowing compatibility with various protocols.