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Cardano: Wrapped BTC Platform Announces New Era Powered by Cardano

Tue, 05/09/2023 - 16:15
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Tomiwabold Olajide
This might contribute to network's imminent DeFi explosion
Cardano: Wrapped BTC Platform Announces New Era Powered by Cardano
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AnetaBTC has unveiled a new era powered by Cardano as the wrapped Bitcoin token, cBTC, receives new capabilities.

Users can now bank with cBTC, which implies that they can conduct everyday transactions with the token as well as take out loans. They can also trade the cBTC token on DEXes.

The Wrapped Bitcoin Token (cBTC), based on the anetaBTC protocol, went live on the Cardano testnet in April, enabling users to create cBTC tokens and use them to fund, trade or offer liquidity to the Cardano network.

Notably, the cBTC token is a 1:1 representation of Bitcoin but is on the Cardano blockchain.

AnetaBTC, a platform that brings wrapped BTC to Cardano and Ergo, says it wants to attract Bitcoin holders to Cardano and hence contribute to the network's imminent DeFi explosion.

Wrapped tokens facilitate value transfers between blockchains that would otherwise be non-interoperable, enabling users to use various DeFi protocols without using the native tokens of those protocols.

On May 2, AnetaBTC made the exciting announcement that the mainnet launch of the AnetaBTC protocol on Cardano was imminent.

It shares an image depicting its roadmap, which includes achieving a mainnet launch and involves stages such as backend improvements and a complete audit.

According to DefiLlama data, Cardano has a current TVL (total value locked) of $141.69 million. With the inclusion of staking, the figure comes in higher at $172.28 million.

In ADA terms, this translates to 470.5 million ADA locked in Cardano's DeFi platform.

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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.