Crypto traders holding XRP and Dogecoin (DOGE) can now access yield-generating decentralized finance (DeFi) opportunities on Base, Coinbase’s layer-2 blockchain.
Wrapped Tokens: cbXRP and cbDOGE
Coinbase has introduced wrapped versions of XRP and Dogecoin—cbXRP and cbDOGE—on Base. These tokens are 1:1 backed by their native counterparts, meaning every cbXRP/cbDOGE in circulation is secured by equivalent XRP or DOGE held in Coinbase’s custody.
Key Benefits of Wrapped Tokens:
- DeFi Compatibility: Enables XRP and DOGE holders to participate in Base’s DeFi protocols (e.g., lending, staking).
- Interoperability: Facilitates seamless transfers within Base’s ecosystem while retaining asset value.
- Yield Opportunities: Users can earn passive income beyond spot market holdings.
Market Performance
- cbXRP: Surpassed $5 million market cap within 24 hours (per BaseScan).
- cbDOGE: Nearing $2 million market cap.
👉 Explore Base’s DeFi ecosystem
Background: XRP and Dogecoin
- XRP: A payments-focused cryptocurrency (market cap: $128.8B), ranked 4th-largest crypto.
- Dogecoin: Leading meme token (market cap: $28.2B).
Coinbase previously launched wrapped Bitcoin (BTC) on Base in September 2023, now valued at over $4.7B.
FAQ
Q: What are wrapped tokens?
A: Wrapped tokens are blockchain-compatible versions of assets (e.g., XRP) that enable DeFi participation while maintaining 1:1 backing.
Q: How do cbXRP/cbDOGE generate yield?
A: By integrating with Base’s DeFi apps (e.g., liquidity pools, lending platforms).
Q: Is Coinbase’s custody solution secure?
A: Yes—assets are held in regulated, audited cold storage.
Q: Can I convert cbXRP back to native XRP?
A: Yes, through Coinbase’s redemption process.
👉 Learn more about Base’s innovations
Note: All hyperlinks except OKX have been removed per guidelines.
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1. **Coinbase**
2. **DeFi**
3. **XRP**
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6. **Wrapped tokens**
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8. **cbDOGE**
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