What is Coinbase Wrapped DOGE (CBDOGE)?
Coinbase Wrapped DOGE ("cbDOGE") is a token that is backed 1:1 by native Dogecoin (DOGE) held by Coinbase, meaning that for all cbDOGE in circulation, there is an equivalent amount of DOGE held in a secure custody solution (including cold storage) provided by Coinbase. Wrapped assets, like cbDOGE, are transferable tokens that are redeemable for the underlying asset. Coinbase customers can unwrap cbDOGE and redeem a corresponding amount of the underlying DOGE simply by depositing the cbDOGE into their Coinbase accounts.
How does Coinbase Wrapped DOGE work?
cbDOGE is built to be seamlessly compatible with DeFi applications, giving customers the option to tap into DeFi and unlock financial utility. cbDOGE removes a key point of friction by allowing customers to use DOGE they already hold in new ways onchain. cbDOGE is built to be seamlessly compatible with DeFi applications, so users can now tap into novel DeFi use cases like providing their DOGE as liquidity to DeFi protocols, using it as collateral to borrow other crypto assets, or spending it as a payment method.
What is Coinbase Wrapped DOGE used for?
Wrapped assets like cbDOGE are a mature concept in the crypto world, helping to bring more liquid assets onchain and facilitate an expansive financial ecosystem.
Where can you buy Coinbase Wrapped DOGE?
Coinbase Wrapped DOGE (CBDOGE) is traded on a wide range of centralized and decentralized exchanges. The most liquid markets for CBDOGE sit on tier-1 venues - the sort of exchanges where institutional desks and professional market makers rebalance continuously - which is what keeps the spread tight and the last price tied closely to fair value.
You can open the Markets section above to see the live list of exchanges quoting CBDOGE, sorted by 24-hour volume. Each row links to the venue's trade page so you can go directly from research to execution without copying the ticker around by hand.