Coinbase Unlocks DeFi Opportunities for XRP, DOGE Holders on Base

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 alternate stated the wrapped variations of the 2 tokens, referred to as cbXRP and cbDOGE, have been stay on Base. These wrapped tokens are backed 1:1 by native cash, which means that for all cbXRP and cbDOGE in circulation, there’s an equal quantity of XRP or dogecoin held in a safe custody resolution by Coinbase.

Wrapped tokens signify the unique belongings in environments the place they’re in any other case unavailable, providing compatibility with Base’s protocol and DeFi purposes. This facilitates interoperability, permitting for the seamless switch of cash throughout the ecosystem whereas permitting holders to faucet into DeFi and generate extra returns on prime of their spot market holdings.

The wrapped model of XRP has achieved a market cap of over $5 million throughout 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 12 months. That has reached a market cap of over $4.7 billion.