One of the highlights of this week on the Cardano (ADA) network is the integration the ability to wrap bitcoin (BTC) on the mainnet. The use of cBTC on the Cardano mainnet was introduced by anetaBTC, a protocol known to bring on-chain-packaged bitcoin to blockchains.
This significant move, bringing BTC to the Cardano network, is critical to improving blockchain interoperability.
Cardano-wrapped Bitcoin benefits
With this current deployment, users can effortlessly interact with both tokens on a single network.
While the development facilitates blockchain interoperability, it is also a strategic approach to attracting a broader audience and total value locked (TVL) to Bitcoin, which is known to have the highest market cap in the entire crypto industry.
Currently, BTC’s market cap is around $572 billion, about half of the total crypto market cap.
Along with launching and deploying the anetaBTC protocol, Cardano has completed rolling out BTC to its mainnet. More specifically, anetaBTC shared a screenshot showing 1,706 cBTC minted successfully.
Additionally, the on-chain log noted that a total of 6.19 cBTC have been minted on the Cardano network so far.
More bullish Cardano updates
More upgrades are expected for the anetaBTC protocol in the future. AnetaBTC version 2 is already in the works and the release is expected in the near future.
Other highlights this week include the 73.2 million transactions recorded on the Cardano blockchain. Also, the total number of reported policies was over 78,000 and about 137 projects were launched on the ADA blockchain. Another milestone is the pre-release of Node v.8.2.1-pre for use on SanchoNet.
SanchoNet is a new development network designed to expose the Cardano ecosystem to the governance capabilities of CIP-1694 and build and test together in a controlled environment.
Lace v.1.4 has also been released by the Lace team with newly integrated features like ADA Handle support improvement and bug fixes. Input Output Global (IOG), the startup behind Cardano, has released an update on the plan expand Mithril solution for Africa.
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