The Cardano reserves on Coinbase have surged 462% since the exchange launched wrapped ADA on base. This follows earlier reports that the XRP supply on the crypto exchange has fallen drastically, indicating significant investor demand.

Cardano Reserves on Coinbase Rise 462% Since Launch

Coinbase’s proof of reserves shows that there is a total supply of 9.56 million ADA for its reserve, which is used to back the wrapped ADA on the Base network. There is currently a total supply of 9.53 million cbADA on the Base network . This represents a 462% increase from when the crypto exchange launched the wrapped token with a supply of 1.7 million in June.

This highlights the significant demand for Cardano as investors use the wrapped token for DeFi activities on the Ethereum ne

See Full Page