How coinbase wrapped tokens work

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Coinbase enables users to transfer Cardano (ADA) and Litecoin (LTC) to Base addresses, where they are automatically converted into wrapped Cardano (cbADA) and wrapped Litecoin (cbLTC) respectively..

Wrapping crypto assets helps Coinbase extend token utility by enabling yield farming, liquidity provision, trading, and lending without selling native coins.

Onchain wrapped Cardano (cbADA) and wrapped Litecoin (cbLTC) tokens sent to Coinbase are redeemed at a 1:1 ratio and converted to Cardano (ADA) and Litecoin (LTC) respectively.

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