Add cbXRP Market to Moonwell on Base

We are pleased to present a proposal for adding Coinbase Wrapped XRP (cbXRP) to Moonwell’s Base Core Markets. cbXRP is a fully‑collateralised, ERC‑20 representation of XRP that is minted and redeemed 1‑for‑1 through Coinbase. The listing would bring a blue‑chip, payments-oriented asset to the protocol, deepen liquidity on Moonwell, and attract new retail and institutional users familiar with XRP.

cbXRP is new, and as a result has a few liquidity concerns, but it shows substantial benefits to the Moonwell community.

Benefits to the Moonwell Community

1. Enhanced Liquidity & Volume: Issuance by Coinbase immediately bootstraps liquidity on Aerodrome and Uniswap v4.
2. Stable Collateral Type: Tight 1‑for‑1 peg to XRP backed by a regulated custodian.
3. New User Acquisition: XRP has one of the largest retail followings (3M+ on X), offering growth potential for Moonwell.
4. Diversification: Adds a non‑USD‑pegged, large‑cap asset that is un‑correlated with ETH/Layer‑2 governance tokens.

Resources and Socials

• XRP Website
• Twitter
• Coinbase Assets Announcement

Benefits to the Moonwell Community

1. Enhanced Liquidity & Volume: Coinbase issuance bootstraps liquidity on Aerodrome and Uniswap v4.
2. Stable Collateral Type: Maintains a tight 1‑for‑1 peg to XRP backed by a regulated custodian.
3. New User Acquisition: XRP boasts over 3M followers on X, offering growth potential.
4. Diversification: Adds a non‑USD‑pegged, large-cap asset uncorrelated with ETH or L2 governance tokens.

Resources and Socials:

• XRP Website
• Twitter
• Coinbase Assets Announcement

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Market Risk Assessment

Market Metrics (Source)

• Market Cap: 5M
• Minimum/Maximum Market Cap (Last 6 months): $0 (December 5th 2024) / $5M (June 5th 2025)
• Circulating Supply: 2.3M cbXRP
• Maximum Supply: 2.3M cbXRP
• 24 Hour Trading Volume: It has only been out for a day, it is currently $341,000 worth of trading volume through Aerodrome

Liquidity on Centralized Exchanges

This does not apply to this token as it stands to be an onchain deployment of XRP.

Herfindahl Index (on Base):

The Herfindahl Index quantifies token concentration among holders. A value of 0.88 reflects significant concentration among wallets for the cbXRP token, indicating that governance risks stemming from concentrated holdings are high. It should be noted however that Ripple and Coinbase are reputable companies, and that cbXRP borrows from Coinbase’s reserve supply on and so this may not be a completely accurate representation and there are some safeguards.

Decentralization

• Top 10 Holders (Majority is concentrated in a Coinbase wallet followed by an Aerodrome LP)
• Token Contract: 0xcb585250f852c6c6bf90434ab21a00f02833a4af

Ownership and Administration:

cbXRP operates as an onchain Ethereum native deployment of XRP, backed by the reserves of Coinbase. The token is only on Base as of now, and all administrative roles and access are through Coinbase or Ripple.

Governance Structure:

• Coinbase Wrapped Assets are held in custody by Coinbase, and thus are subject to rules of Coinbase’s Custody depending on the jurisdiction: see here for asset-specific details.

Blacklist Functionality:

• The cbXRP contract has a blacklisting function, barring an account from transferring, minting, or burning cbXRP. There is also an "unBlacklist" function for removing blacklisting and a blacklist public getter to check the status of the blacklist.

Smart Contract Risks

Codebase and Onchain Activity

• The smart contract for cbXRP can be found here.
• cbXRP has only 264 holders as of right now.

Security Posture

• cbXRP is deployed under the same wrapped framework that was audited by OpenZeppelin. See here for auditing details.

Upgradeability

• It is upgradeable under an Admin role found in the contract. cbXRP can be upgraded at any time by the proxy admin (likely a Coinbase multisig).

Oracle Assessment

• Chainlink oracle price feed address: 0x9f0C1dD78C4CBdF5b9cf923a549A201EdC676D34
• Is the asset a wrapped, staked, or synthetic version of a different underlying asset? If yes, and the Chainlink price feed provides price data for the underlying asset rather than the wrapped, staked, or synthetic version, please provide the following information: How is the asset wrapped, staked, or otherwise created?
  • cbXRP price tracks native XRP by leveraging Coinbase reserves. The supply on Base is capped by Coinbase Custody. This can be found here on its Coinbase Proof of Reserves page.

Swap Size Requirement

cbXRP does not currently fulfill the swap size requirements of the MALF; however, it is very early in the listing process AND cbXRP has only been out for one day.

Liquidity Threshold:

Currently, the liquidity does not meet the $2M threshold Moonwell has under MALF; however, seeing as though liquidity on Aerodrome has already hit 8% of that goal in a day, it is not far fetched to see it hitting this threshold sooner rather than later.

Commercial Viability

Even if cbXRP never rises above cbETH’s historical peak utilisation of ≈ 33 %, it still clears Moonwell’s $1000‑per‑month bar. Using a hypothetical $2 million liquidity seed, a third being borrowed at typical core‑asset rates (around 10% APY) would generate roughly $90000 in annual interest. After Moonwell’s 15% reserve cut, that’s just over $1100 in protocol revenue every month, which is above the MALF threshold with decent headway for growth.

Proposal Author Information

• Names: Coolhorsegirl & 0xMims
• Twitter: @coolhorsegirl & @0xMims
• Relationship to token:
  • 0xMims: Moonwell governance lead
  • Coolhorsegirl: Moonwell delegate; Tally employee

Conclusion

For all other information, such as risk assessments or lacking information found within this document for commercial viability, we ask @Gauntlet and @AnthiasLabs to make the proper risk assessments and commercial viability assessment needed to continue.

The listing of cbXRP as a core asset on Moonwell unlocks significant potential for protocol growth, liquidity expansion, and user adoption. As a stable and compliance-ready asset, a cbXRP listing would increase lending functionality while aligning with Moonwell’s mission of simple, secure, and accessible DeFi.

While this listing is risky, it is definitely warranted to bring this to discussion immediately to stay ahead in the game. We invite the community to engage in discussion and help shape this listing proposal to best serve the protocol’s long-term vision.