Cardano mints first wrapped Bitcoin similar to Ethereum
- Cardano excites the crypto world by successfully minting its first cBTC.
- This marks a huge advance in the Cardano network and could unlock liquidity from the Bitcoin market.
Cardano (ADA) has rocked the crypto world with an achievement that shows a massive improvement in the ecosystem. According to AnetaBTC, Cardano has succeeded imprinted its first cBTC, a wrapped version of BTC on the Cardano network. The operation of cBTC is very similar to that of WBTC on the Ethereum blockchain except for the fact that it does not require a centralized custodian.
JUST IN: #Cardano has just achieved a HUGE milestone with its first wrapped BTC on #Cardano Network! CBTC is similar to wrapped BTC (wBTC) on ETH, but without a centralized custodian🤯 wrapped BTC on #Cardano unlocking liquidity from the $432 billion BTC market~Shut the noise🤫 pic.twitter.com/xu5hCxnROn
— Marcosantiago Chiappetta (@marcosantiagoNY) March 5, 2023
A main benefit of this is that wrapped BTC on the ADA network can unlock liquidity from the $432 billion BTC market. This is because wrapped assets like wBTC enable the transfer of liquidity from different ecosystems. CBTC coming to ADA will provide users with the functionality of Bitcoin on the ADA network.
According to the information, users need to add their ADA address to the Bitcoin transaction metadata and make a deposit to create a cBTC. This will then be processed and confirmed by anetaBTC. CBTC will be minted and sent to the user’s Cardano wallet once the BTC is verified.
Cardano records booming activities
According to reports, AnetaBTC is the first project to facilitate the creation of cBTC on the ADA network. It can be recalled that AnetaBTC published a roadmap in March 2022, to bring Bitcoin to the Cardano and Ergo platforms. A public testnet for wrapped Bitcoin on the Ergo platform was released in January.
This month, AnetaBTC seeks to come out with the ADA public testnet and make open source contracts available and also complete the audit. Recently, Cardano reported booming activities on its network with 1,209 projects building on the network. In addition, over 117 projects have already been launched. The total number of transactions on the network has reached 62.2 million. The number of native Cardano tokens is currently around 7.87 million across 70,258 coin policies. There are also 5,953 Plutus scripts, of which 792 are Plutus v2 scripts.
Last year, the first cBTC funding round was completed with a market capitalization of $12 million. It was revealed that the fund would be used to expand the development team and support more token cross-chain migration to the Cardano network. CBTC has always strived to be equipped with outstanding chain services such as centralization and complete decentralization. It was also announced that it will start cooperation with Huobi Trust to ensure the safety of assets across chains.
Last month, an upgrade was announced on Cardano to ensure the improvement of chain functionality for decentralized application building on the network.
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In cooperation with @cardanostiftung, an updated proposal was submitted yesterday to upgrade the #Cardano pre-production environment to protocol v8, which will take effect on Saturday 11 February 2023 at 00:00 UTC.
Cross-chain bridges are software applications that allow transactions to occur between different blockchains. Before the upgrade, Cardano-based DeFi applications passed $100 million in total value locked (TVL). Interest in Cardano DeFi reached a new height after the launch of the over-collateralized djed stablecoin.
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