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Cardano Successfully Mints BTC as Big Phase Unveils for Network

Sat, 08/12/2023 - 14:57
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Tomiwabold Olajide
Integration of wrapped Bitcoin with Cardano ecosystem is noteworthy
Cardano Successfully Mints BTC as Big Phase Unveils for Network
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Cardano attained a key milestone this week with the mainnet launch of anetaBTC. The anetaBTC protocol, which brings on-chain wrapped BTC to blockchains, saw its deployment on the Cardano mainnet on Aug. 8, marking a big step forward in blockchain interoperability.

This long-awaited event brings Bitcoin to the Cardano ecosystem, allowing users to effortlessly interact with both coins.

The integration of wrapped Bitcoin with the Cardano ecosystem is noteworthy as a purposeful endeavor to draw a wider audience and total value locked (TVL) from Bitcoin, which now has the highest market capitalization of $572 billion. Bitcoin wrapped through the anetaBTC protocol is known as cBTC.

Cardano (ADA) Posts Impressive Stats in New Q2 Report

Now, in another milestone alluding to the successful launch of the anetaBTC protocol, Bitcoin has been successfully minted on the Cardano mainnet.

In a new tweet, anetaBTC shared a screenshot showing new BTC successfully minted on Cardano. This amount was 1.706 cBTC. Per the tweet, 6.19 cBTC have been minted on the Cardano mainnet in total.

AnetaBTC promises future protocol upgrades in what's coming following its launch. AnetaBTC V2 with multisig is nearing its release, but there is still more work to be done, even though the current contracts support V2.

Notable week for Cardano

Cardano saw notable developments during the week. As stated in IOG's most recent weekly report, node v.8.2.1-pre was tagged and prereleased for use on SanchoNet, a new development network created to introduce the Cardano community to governance features from CIP-1694 and to build and test together in a controlled environment.

Cardano (ADA) Achieves Groundbreaking Feat as Mithril Launches on Mainnet

Also in the week, the Lace team released Lace v.1.4 with new features, "ADA Handle" support enhancements and bug fixes. On Aug. 10, the Project Catalyst Level 2 community review also began.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.