2023-04-24 06:04:09 ET
Cardano (ADA)
has at this time launched its model of Wrapped
Bitcoin
token cBTC on the Cardano testnet. The challenge’s growth group goals to draw Bitcoin (BTC) customers to the nascent Cardano decentralized finance (DeFi) ecosystem.
The cBTC will run on Cardano’s anetaBTC protocol that goals at attracting Bitcoin liquidity to the Cardano ecosystem.
Cardano customers will now be capable of mint cBTC tokens from the anetaBTC protocol. The cBTC tokens can fund, commerce, or present liquidity to Cardano testnet protocols.
The wrapped Bitcoin tokens will probably be a 1:1 illustration of Bitcoin on the Cardano blockchain.
Transferring worth throughout blockchains
Usually, wrapped tokens make it straightforward for customers to switch worth throughout blockchains, which in any other case lack interoperability. This permits customers to entry totally different DeFi protocols with out requiring them to accumulate the native tokens of these protocols.
Cardano has just lately seen a surge in DeFi protocols aided by numerous DeFi enhancements on the blockchain because the begin of 2023. As a reality, the full worth locked (TVL) on Cardano has risen from $50 million to over $150 million.
Of the numerous DeFi protocol that has debuted on Cardano, DeFi exchanges resembling Indigo, Wingriders, and Minswap, maintain a majority of the TVL on the blockchain.
Stablecoin project Djed
has attracted over $15 million since its early March launch.
The put up
Cardano launches Wrapped Bitcoin on its testnet
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