Coinbase is adding another wrapped token to its Base Layer 2 arsenal. cbMEGA, an ERC-20 token backed 1:1 by MegaETH (MEGA) held in Coinbase custody, went live on April 30, giving MEGA holders a new on-ramp into decentralized finance without leaving the Base ecosystem.
The token joins a growing roster of Coinbase-wrapped assets that already includes cbBTC, cbETH, cbXRP, cbDOGE, cbADA, and cbLTC.
How cbMEGA works
The mechanics are straightforward. Users send eligible MEGA to Base, where it auto-converts to cbMEGA at a 1:1 ratio. Want your original MEGA back? Unwrap cbMEGA and you’re done. The underlying MEGA stays in Coinbase custody the entire time.
The contract address for cbMEGA on Base is 0xcb111E6A2a3bde90856D299d61341ac302167D23, for anyone who wants to verify before interacting.
