Coinbase Enhances Base Network with Wrapped Cardano (cbADA) and Litecoin (cbLTC)
Coinbase has taken a significant step in expanding the capabilities of its Base network by introducing wrapped versions of Cardano (ADA) and Litecoin (LTC). These new tokens, dubbed cbADA and cbLTC, are ERC-20 tokens that are fully backed 1:1 by their native counterparts held in custody by Coinbase. This development aims to seamlessly integrate these popular cryptocurrencies into Base's growing decentralized finance (DeFi) ecosystem. The addition of cbADA and cbLTC follows the successful launch of other wrapped tokens on the Base network, including cbBTC, cbXRP, and cbDOGE, further diversifying the range of assets available for DeFi applications. By offering these wrapped tokens, Coinbase is enabling users to leverage the benefits of ADA and LTC within the Ethereum-based DeFi landscape, fostering greater interoperability and utility. The contract address for cbADA has been partially disclosed (0xcbADA732173e39521CDBE8bf59a), with full details expected to be released soon. This move underscores Coinbase's commitment to innovation and its strategy to bridge traditional crypto assets with emerging DeFi platforms. As the DeFi space continues to evolve, such integrations are likely to play a pivotal role in driving adoption and expanding the use cases for cryptocurrencies like ADA and LTC.
Coinbase Expands Base Network with Wrapped Cardano (cbADA) and Litecoin (cbLTC)
Coinbase has launched wrapped versions of Cardano (ADA) and Litecoin (LTC) on its Base network, introducing cbADA and cbLTC as ERC-20 tokens fully backed 1:1 by their native counterparts held in custody. The move aims to integrate these assets into Base's decentralized finance ecosystem, joining existing wrapped tokens like cbBTC, cbXRP, and cbDOGE.
Contract addresses for cbADA (0xcbADA732173e39521CDBE8bf59a6Dc85A9fc7b8c) and cbLTC (0xcb17C9Db87B595717C857a08468793f5bAb6445F) were disclosed to combat impersonation attempts. Proof of reserves reveals 2.93 million ADA already wrapped.
Base's open approach to cross-chain interoperability contrasts with competing Layer 2 solutions, earning praise from the crypto community. The exchange continues to bridge traditional crypto assets with Ethereum's smart contract environment through its institutional-grade custodial wrapping service.
Coinbase Nears Record High as Bernstein Sets $510 Price Target, Dubs It 'Amazon of Crypto'
Coinbase shares surged 3% to $355 on Wednesday, inching closer to its all-time closing high of $357, after Bernstein analysts dramatically raised their price target to $510 from $310. The bullish revision reflects confidence in the exchange's evolving role as a cornerstone of crypto infrastructure.
Analysts led by Gautam Chhugani highlighted Coinbase's unique positioning as the only crypto-native S&P 500 constituent and its growing stablecoin dominance. The potential passage of the GENIUS stablecoin legislation could further cement its advantage. "The market continues to underestimate Coinbase's structural advantages," the note suggested, comparing its trajectory to Amazon's early growth phase.
Strategic acquisitions like Deribit and expanding institutional services are transforming the exchange into a multifaceted crypto ecosystem. While retail trading remains cyclical, Bernstein emphasized the durability of Coinbase's emerging revenue streams—from custody solutions to blockchain infrastructure services.
