Coinbase has introduced Wrapped versions of Cardano (cbADA) and Litecoin (cbLTC) on its Ethereum layer-2 network, Base, enhancing cross-chain functionality for these popular cryptocurrencies. This moves these tokens alongside already available wrapped assets like Dogecoin (DOGE) and XRP. Wrapped assets are pegged to the native tokens on a 1:1 basis, meaning users can seamlessly swap between the native tokens and their wrapped counterparts for use in Ethereum's decentralized finance (DeFi) ecosystem. Since the launch, around $2.5 million in these assets have been wrapped, reflecting a strong demand for their usability in DeFi protocols such as Aave, Compound, and Curve. Coinbase's stock has seen a notable rise, nearing its all-time high, driven by this launch and recent regulatory positive developments. This update contributes to Coinbase’s broader strategy of integrating more assets into its ecosystem, highlighting the significance of cross-chain services in the evolving DeFi landscape.

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