Coinbase has launched cbADA and cbLTC on its layer-2 network, Base. These assets enable holders of Cardano’s ADA and Litecoin’s LTC to access the DeFi ecosystem.
The wrapped tokens are fully backed one-for-one by ADA and LTC held in Coinbase custody, with regular proof-of-reserve reporting. As of now, over 11,300 wrapped LTC and 2.9 million wrapped ADA are in circulation on Base, where the total value locked exceeds $3 billion.
