Coinbase to Launch Wrapped XRP and DOGE on Ethereum Layer-2 Base

Publicly listed crypto exchange Coinbase has announced plans to introduce wrapped versions of XRP, Dogecoin, Litecoin, and Cardano ADA on the Base network. The official Coinbase Assets page confirmed the upcoming launch via a social media post, though specific dates remain undisclosed. This expansion will integrate these tokens with Bitcoin as wrapped assets on the layer-2 solution.

👉 Explore the future of wrapped assets on Base

Key Features of the Upcoming Launch

Wrapped Tokens: cbADA, cbDOGE, cbLTC, and cbXRP will join cbBTC (Coinbase-wrapped Bitcoin), which currently holds a $4.47 billion market cap.
Contract Addresses: Provided for transparency (e.g., cbXRP: 0xcb585250f852C6c6bf90434AB21A00f02833a4af).
Use Cases: These tokens will be usable for DeFi activities on Base, mirroring ETH’s functionality.

Coinbase emphasized that the disclosure aims to counter scammers promoting fake versions of these tokens. Users are advised to verify all information through official channels.

Base Network’s Dominance in the Layer-2 Ecosystem

Base has emerged as a leading layer-2 network by Total Value Locked (TVL), according to L2Beat. Its growth is fueled by:

Stablecoin Adoption: Over $3.6 trillion in Q1 2025 transaction volume.
User Growth: Stablecoin senders doubled from 450,000 (Q4 2024) to 900,000.
Speed Improvements: Plans to reduce block time to 200 milliseconds.

👉 Why Base is revolutionizing Ethereum scalability

Criticisms and Challenges for Coinbase

Despite milestones like joining the S&P 500 and launching encrypted messaging, Coinbase faces scrutiny over:

Security Lapses: Account takeovers result in ~$50M weekly losses (per blockchain analyst Tayvano).
Scammer Tactics: Impersonation of Coinbase support staff via encrypted channels.

"Coinbase has failed to detect or stop these scams for over a year." — Tayvano

FAQ Section

Q1: What are wrapped tokens?
A: Wrapped tokens represent non-native assets (e.g., XRP) on another blockchain (like Ethereum), enabling cross-chain functionality.

Q2: How can I verify Coinbase’s wrapped token addresses?
A: Use the contract addresses provided in the official announcement (e.g., cbDOGE: 0xcbD06E5A2B0C65597161de254AA074E489dEb510).

Q3: Why is Base’s TVL significant?
A: High TVL reflects user trust and liquidity, making it a top choice for DeFi applications.

Q4: What risks do wrapped tokens carry?
A: Centralization (custody by Coinbase) and smart contract vulnerabilities.

Q5: How does Base compare to other L2s like Arbitrum?
A: Base leads in TVL and transaction speed but trails in decentralization.

Q6: Can I trade these wrapped tokens now?
A: No—await the official launch announcement to avoid scams.

Disclaimer: This content is for informational purposes only. Always conduct independent research before engaging with financial products.