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AnetaBTC has ushered in a new era powered by Cardano as the wrapped Bitcoin token, cBTC, gains new capabilities.
Users can now bank with cBTC, meaning they can use the token to make everyday transactions and borrow. You can also trade the cBTC token on DEX.
The Wrapped Bitcoin Token (cBTC), based on the anetaBTC protocol, went live on the Cardano testnet in April, allowing users to create cBTC tokens and use them to fund the Cardano network, to trade or to offer liquidity.
Specifically, the cBTC token is a 1:1 representation of Bitcoin but resides on the Cardano blockchain.
AnetaBTC, a platform that brings wrapped BTC to Cardano and Ergo, aims to attract Bitcoin holders to Cardano, thereby contributing to the network’s upcoming DeFi explosion.
Wrapped tokens facilitate transfers of value between blockchains that would otherwise not be interoperable, and allow users to use different DeFi protocols without using those protocols’ native tokens.
On May 2nd, AnetaBTC made the exciting announcement that the mainnet launch of the AnetaBTC protocol on Cardano is imminent.
It shares an image depicting its roadmap, which includes achieving a mainnet launch and includes stages such as backend improvements and a full audit.
According to DefiLlama data, Cardano has a current TVL (Total Value Locked) of $141.69 million. With staking included, the figure is $172.28 million.
In ADA terms, this means 470.5 million ADA locked in Cardano’s DeFi platform.
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