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Why did Coinbase put Dogecoin and XRP on the Ethereum Layer 2 Base network?
The largest cryptocurrency exchange in America, Coinbase, has just launched two new "wrapped" tokens this week, allowing traders to use XRP and Dogecoin on DeFi protocols.
The introduction of cbDOGE and cbXRP is expected by Coinbase to meet the growing demand for multi-chain interoperability in the complex DeFi space.
These two new tokens are issued on the layer 2 Ethereum network built by Coinbase, named Base.
Marcus Hardt, CEO of the DeFi application Balancer Labs, stated to Decrypt: "The introduction of cbDOGE and cbXRP into the ecosystem is a smart move to attract more users and unlock new liquidity."
A spokesperson for Coinbase also stated: "The launch of cbDOGE and cbXRP on Base allows customers to leverage the assets they hold in new ways, while also making trading more accessible to everyone."
DeFi, or decentralized finance, is a general term that refers to applications in the cryptocurrency field aimed at automating activities such as lending and borrowing, eliminating intermediaries and centralized authorities.
This launch event takes place against the backdrop of DeFi gradually moving into the mainstream. Previously a complex and unregulated field, now even President Donald Trump has supported a decentralized finance project.
DeFi applications often run on the Ethereum platform, which makes it difficult for traders wanting to use Bitcoin or other digital tokens in the DeFi ecosystem.
Wrapped tokens were created to address this issue, with Wrapped Bitcoin (WBTC) on Ethereum being the most common example. However, more and more new wrapped tokens are emerging as the blockchain world continues to develop.
XRP and Dogecoin are two leading cryptocurrencies, ranked fifth and eighth respectively in market capitalization, with values of 128.5 billion USD and 27.9 billion USD.
Due to their large scale, both of these coins are very popular and in high demand when used as collateral in the volatile and complex DeFi market.
Sam Mudie, CEO and co-founder of the tokenized real asset company Savea, commented: “Coinbase has just demonstrated the ability to effectively bring a meme coin (DOGE) and a cross-border payment coin (XRP) into the DeFi ecosystem without the need for a third-party bridge.” He also hopes that many other large-cap coins will follow suit.
However, because Coinbase has complete control over these wrapped tokens, some DeFi supporters have expressed concerns about this move.
Max Luck, Head of Research at Flare, stated: "Coinbase controls the issuance, minting, burning of tokens and smart contracts without the involvement of independent organizations or the broader community."
Thach Sanh