2 months ago
Crypto traders holding XRP XRP and dogecoin DOGE tin present pat into yield-generating decentralized finance (DeFi) opportunities connected Base, the layer-2 blockchain from integer assets speech Coinbase (COIN).
On Wednesday, the Nasdaq-listed exchange said the wrapped versions of the 2 tokens, called cbXRP and cbDOGE, were unrecorded connected Base. These wrapped tokens are backed 1:1 by autochthonal coins, meaning that for each cbXRP and cbDOGE successful circulation, determination is an equivalent magnitude of XRP oregon dogecoin held successful a unafraid custody solution by Coinbase.
Wrapped tokens correspond the archetypal assets successful environments wherever they are different unavailable, offering compatibility with Base's protocol and DeFi applications. This facilitates interoperability, allowing for the seamless transportation of coins wrong the ecosystem portion allowing holders to pat into DeFi and make further returns connected apical of their spot marketplace holdings.
The wrapped mentation of XRP has achieved a marketplace headdress of implicit $5 cardinal wrong the archetypal 24 hours, according to information root BaseScan. Wrapped DOGE's marketplace headdress is accelerated nearing the $2 cardinal mark.
XRP is simply a payments-focused cryptocurrency utilized by Ripple to facilitate cross-border transactions and has a marketplace headdress of $128.8 billion, making it the fourth-largest cryptocurrency. Dogecoin, with a marketplace worth of $28.2 billion, is the world's starring meme token by marketplace value, CoinDesk information show.
Coinbase debuted a wrapped mentation of bitcoin BTC, the largest cryptocurrency, connected Base successful September past year. That has reached a marketplace headdress of implicit $4.7 billion.
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