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The Cardano network has reached a significant milestone. AnetaBTC says it successfully minted cBTC, a wrapped form of BTC, on the Cardano network, marking a major step forward for the ecosystem.
CBTC, a BTC asset on Cardano, is similar to Wrapped Bitcoin (wBTC) on ETH but without a central custodian. Wrapped assets help bridge liquidity from other ecosystems, and Wrapped BTC on Cardano could help unlock liquidity from the $432 billion BTC market.
When minting cBTC, users would add their ADA address to the BTC TX metadata and deposit BTC, which is then processed and verified by anetaBTC. The cBTC is minted and then sent to the user’s Cardano wallet.
Thus, a new world of possibilities is opening up for Cardano users who will soon be able to access Bitcoin functionality within the Cardano network. Aneta is one of the first projects to make this possible on Cardano.
The way to bring Bitcoin to the Cardano and Ergo platforms was published in March 2022 by anetaBTC, a Bitcoin wrapping protocol.
AnetaBTC released a public testnet for packaged Bitcoin on the Ergo platform in January. AnetaBTC intends to launch Cardano public testnets this March, make open source contracts available and complete the audit.
Cardano sees an increase in development on its network. According to the latest IOG statistics, 1,209 projects are built on Cardano while 117 projects have been launched. The total number of transactions is 62.2 million. Native Cardano tokens total 7.87 million across 70,258 minting policies. Plutus scripts were at 5,953, of which 792 are Plutus v2 scripts.
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