Solana gets a wrapped Litecoin

cbLTC Arrives on Solana

Coinbase Wrapped Litecoin, or $cbLTC, is now live and tradable on @solana through @sunrise, marking another step in Coinbase's push to bring major digital assets into the Solana DeFi ecosystem. The token joins cbBTC, which was Coinbase's first wrapped asset to reach Solana, as the exchange steadily expands its cross-chain footprint on the network.

$cbLTC is backed 1:1 by native Litecoin held by Coinbase, meaning that for every cbLTC in circulation there is an equivalent amount of LTC held in a secure custody solution, including cold storage, provided by Coinbase.Coinbase customers can unwrap cbLTC and redeem the underlying LTC by depositing the token into their Coinbase account, and the token is built to be compatible with DeFi applications.

Chainlink CCIP Powers the Bridge

Cross-chain movement of $cbLTC is handled by @chainlink's Cross-Chain Interoperability Protocol, known as CCIP. Chainlink CCIP serves as the exclusive bridge for all Coinbase Wrapped Assets, a suite that includes cbBTC, cbETH, cbDOGE, cbLTC, cbADA and cbXRP, which together hold around $7 billion in market value.

Cross-chain bridges have historically been one of crypto's main failure points, and CCIP routes messages and value between chains through a decentralized set of nodes rather than a single multisig or bespoke bridge, a design intended to reduce operator risk.Chainlink CCIP leverages decentralized oracle networks that secure over 70% of DeFi globally and has enabled more than $27 trillion in transaction volume.

The arrival of $cbLTC on @solana gives Litecoin holders a direct route into one of crypto's most active DeFi ecosystems, allowing them to lend, trade, and deploy the asset across Solana-based protocols without selling their underlying LTC.

Sources:CoinDesk: Coinbase Taps Chainlink CCIP as Sole Bridge for $7B in Wrapped TokensPR Newswire: Coinbase Selects Chainlink CCIP as Exclusive Bridge InfrastructureCoinMarketCap: Coinbase Wrapped LTC (cbLTC)