Crypto merchants holding XRP
and dogecoin can now faucet into yield-generating decentralized finance (DeFi) alternatives on Base, the layer-2 blockchain from digital belongings alternate Coinbase (COIN).
On Wednesday, the Nasdaq-listed exchange said the wrapped variations of the 2 tokens, known as cbXRP and cbDOGE, had been stay on Base. These wrapped tokens are backed 1:1 by native cash, that means that for all cbXRP and cbDOGE in circulation, there’s an equal quantity of XRP or dogecoin held in a safe custody answer by Coinbase.
Wrapped tokens symbolize the unique belongings in environments the place they’re in any other case unavailable, providing compatibility with Base’s protocol and DeFi functions. This facilitates interoperability, permitting for the seamless switch of cash inside the ecosystem whereas permitting holders to faucet into DeFi and generate further returns on prime of their spot market holdings.
The wrapped model of XRP has achieved a market cap of over $5 million inside the first 24 hours, in line with information supply BaseScan. Wrapped DOGE’s market cap is quick nearing the $2 million mark.
XRP is a payments-focused cryptocurrency utilized by Ripple to facilitate cross-border transactions and has a market cap of $128.8 billion, making it the fourth-largest cryptocurrency. Dogecoin, with a market worth of $28.2 billion, is the world’s main meme token by market worth, CoinDesk information present.
Coinbase debuted a wrapped model of bitcoin
, the most important cryptocurrency, on Base in September final yr. That has reached a market cap of over $4.7 billion.