The Base blockchain team has announced that cbADA, a wrapped version of ADA, is now available across the Base ecosystem, allowing anyone to use it as a native token on the chain across DeFi protocols.
In addition to this, the ADA holdings of Coinbase have been republished and now show that the Exchange, one of the largest in the world, more than doubled its holdings across the span of a month, indicating that there is a lot of interest from the Exchange to bolster its reserves.
This constitutes a significant breakthrough for ADA, and another giant step towards a more interoperable future. The adoption of the token remains to be seen on Base, but it unlocks a world of possibilities for ADA, being now usable across many more protocols such as Aerodrome, Morpho, and more.
As an illustration of this, we draw the reader’s attention to the cbADA/USDC market on Morpho, which is already close to 90% utilization and providing a yield of 8%, with a market size of about a million dollars.