On Base, their Ethereum Layer 2 network, Coinbase has introduced a wrapped version of Cardano’s native coin, ADA. The new token, called cbADA, bridges Cardano to major decentralized exchanges like Uniswap, PancakeSwap, and Aerodrome, unlocking broader DeFi opportunities for ADA holders.
As shared in an official post by Coinbase Assets on platform X, cbADA is backed 1:1 by ADA securely stored in Coinbase custody, with verifiable proof-of-reserves. This integration enables users to trade, lend, and contribute liquidity across DeFi platforms that aren’t natively accessible through Cardano.
Coinbase is making it easier for users to explore DeFi platforms beyond the Cardano network by converting ADA into an ERC-20 token. This endeavor, which comes after the launch of cbETH and the newly published cbLTC for Litecoin, is in line with Coinbase’s larger plan to unify liquidity across several blockchains.
Meanwhile, activity within the Cardano ecosystem remains lively. In just one week, the Midnight Glacier airdrop’s launch generated over 200,000 mentions on X. Participants can claim NIGHT tokens by interacting with the Cardano network, helping to drive on-chain engagement.
Despite this excitement, daily active users have dropped to around 20,000—down from 54,000 earlier this year. Still, market sentiment remains optimistic, with Polymarket odds for a Cardano ETF approval climbing to a record-high 79%.
With cbADA now available on Base, ADA holders gain access to the growing Ethereum DeFi landscape, bringing renewed energy to the Cardano community.
