Coinbase’s Base L2 to Bridge XRP and DOGE to Ethereum—Because the World Needed More Wrapped Assets

Coinbase just fired the starting pistol for the next great token migration—wrapping two of crypto’s most divisive assets for Ethereum’s layer-2 playground.

XRP and DOGE, the perpetual underdogs (or scamcoins, depending on who you ask), are getting the ERC-20 treatment on Base. Because nothing says ’progress’ like adding more speculative assets to Ethereum’s already bloated ecosystem.

Base, Coinbase’s in-house L2, now becomes the official bridge for these tokens—offering faster, cheaper trades while conveniently keeping everything in the Coinbase ecosystem. How very... vertically integrated of them.

This move reeks of desperation—a play to juice trading volumes by dangling shiny wrapped assets in front of retail traders. But hey, at least the gas fees will be lower. Small mercies.

Base continues to dominate the L2 scene

Meanwhile, the introduction of wrapped versions of several popular altcoins could be beneficial for Base. The network, which has become a top layer-2 in less than two years, looks set to continue its dominance in 2025.

With Base now the number one L2 by total value locked (TVL) according to L2Beat, the network wants to maintain that position. Having wrapped versions of multiple assets available within its ecosystem could help it achieve this.

The network has already seen its stablecoin usage increase significantly over the past three quarters. According to Token Terminal, the network recorded over $3.6 trillion in stablecoin transaction volume for the first quarter of 2025.

The rise in transaction volume matches the increase in stablecoin senders on the network. In Q4 of 2024, Base had only 450,000 users who sent stablecoins. That number has now increased to over 900,000, signaling the surge in activity on the network.

Interestingly, the network is now pushing to increase its transaction speed. Although Base currently processes around 200 transactions per second. However, Base creator Jesse Pollak said the network could soon have a 200-millisecond block time.

Coinbase attracts criticism despite recent milestones

Beyond the planned launch of new wrapped assets, Coinbase has also announced plans for encrypted messaging in the latest version of the Coinbase Wallet and recently joined the S&P 500 as the first crypto company on the list.

However, the company continues to attract criticism from cybersecurity professionals over its lax security standards that allow scammers to steal millions weekly from users’ accounts.

According to blockchain security analyst Tayvano, scammers steal over $50 million weekly through the takeover of Coinbase accounts. She noted that the exchange has not done anything to stop this problem and has now launched an encrypted messaging feature that would even enable the scammers.

She said:

“Kids steal >$50m every weekend via Coinbase CEX account takeovers.Coinbase has failed to understand, detect, or stop these for over a year. Coinbase instead decided to build a feature that gives scammers a direct, encrypted line to all their wallet users.”

She further explained how scammers target Coinbase users by impersonating Coinbase employees. Other security researchers also acknowledged that this is a major issue on Coinbase that has caused many exchange users to lose their funds.

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