Coinbase has launched cbADA, a wrapped version of Cardano’s ADA on the Layer 2 chain Base, facilitating DeFi trading. This new token is backed 1:1 by ADA, which is held in Coinbase custody, ensuring transparent proof-of-reserves.
By introducing cbADA, Coinbase enables ADA owners to engage with popular Ethereum-based DeFi platforms like Uniswap and PancakeSwap, despite a decline in Cardano’s daily active user count. Market optimism continues due to growing interests in ETF approvals.
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