Coinbase introduced a version wrapped in the native token of Cardano, ADA, on the Ethereum Layer 2 channel, Base, named Cbada. This decision will open the potential to DEFI to ADA holders by connecting Cardano to decentralized exchanges such as Uniswap, Pancakeswap and Aerodrome.
According to the official post of Coinbase Assets, Cbada is fully supported 1: 1 per Ada owned in police custody, with proof of transparent reserve. This new token allows users to exchange, lend and provide liquidity on the DEFI platforms that Cardano does not support natively.
Coinbase simplifies the user process experimenting with DEFI applications outside the Cardano network enveloped ADA in an ERC-20 token. The decision is part of the overall Coinbase effort to create a unified liquidity between blockchains, with the previous launches of Cbeth and the CBLTC recently introduced to cover Litecoin.
Meanwhile, the Cardano ecosystem is humming. The new Midnight Glacier air plateau has already caused more than 200,000 mentions on X in a week. The Airdrop will involve users who have engaged with the Cardano network to exchange night tokens, which will facilitate chain activity.
However, daily active users decreased to around 20,000, compared to 54,000 at the start of the year. However, the market atmosphere is optimistic and the coasts of Polymarket on the approval of Cardano ETF have reached 79%, the highest to date.
Now that CBADA is live on the basis, ADA owners will be able to access the emerging ecosystem Ethereum DEFI, and this will add a certain freshness to the global ecosystem of Cardano.
Read also: how can XRP rootstocks fight night tokens in Cardano Midnight Airdrrop?
