Base has launched two new tokens, cbHYPE and cbZEC, representing Hyperliquid’s HYPE token and Zcash’s ZEC token respectively. These tokens are backed 1:1 by underlying assets held in Coinbase’s custody infrastructure and follow the B20 standard. This initiative is part of a broader wrapped token strategy that began with cbBTC in September 2024, which also includes cbADA and cbLTC. Holders can use these tokens across Base’s DeFi ecosystem, with the ability to convert them 1:1 to their native counterparts via Coinbase. No supply figures or trading volume data have been disclosed, suggesting an early-stage rollout.
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