Alternative assets "cbXRP" and "cbDOGE" for XRP and Dogecoin launched on Base.

## Issuance of Alternative Assets for XRP and Dogecoin

On the 5th, the cryptocurrency exchange Coinbase announced the launch on Base of the token "cbXRP" wrapped in XRP and the token "cbDOGE" wrapped in Dogecoin.

Wrapping refers to the issuance of alternative tokens to enable a specific cryptocurrency to be utilized on a different blockchain. With this launch, the interoperability and practicality of XRP and Dogecoin will be enhanced.

Base is an L2 chain on Ethereum. It is a blockchain with the advantage of being supported by Coinbase, and according to data from "CoinGecko", it has the highest total value locked (TVL) of virtual currencies for operation among L2s. As of the time of writing this article, the TVL is approximately $3.6 billion (about 518.5 billion yen), and its market share exceeds 37%.

cbXRP and cbDOGE were issued in accordance with the Ethereum standard "ERC-20". The underlying assets for the issuance, XRP and Dogecoin, are managed by Coinbase.

What is ERC-20

A standard for issuing fungible tokens on the Ethereum network. Developers can issue highly interoperable tokens by adhering to this standard.

With this, users can utilize XRP and Dogecoin on platforms such as DeFi (Decentralized Finance) on Base. On Base, there are also products like "cbBTC" which wraps Bitcoin and "cbETH" which wraps Ethereum.

issuance status

According to the blockchain explorer "BaseScan," at the time of writing this article, approximately one day after the launch announcement, the market capitalization of cbXRP is about $4.87 million (approximately 700 million yen). The number of holders is 348.

In addition, the market capitalization of cbDOGE is approximately $1.75 million (about 250 million yen). The number of holders is 179.

Prominent DeFi platforms such as Uniswap, Aave, and Curve are deployed on Base.

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