17 days ago 2 min read

Stunning Crypto Universe With First Bitcoin Wrapped On Network: Cardano


AnetaBTC has announced that the Cardano network has accomplished a significant milestone. They have verified that cBTC, a wrapped form of BTC, was successfully minted on the Cardano network.

The ecology has advanced significantly as a result of this success.

The ADA blockchain's CBTC asset functions similarly to wBTC on the Ethereum blockchain, but without the need for a central custodian. The introduction of wrapped BTC on ADA may be able to release liquidity from the $432 billion BTC market. Wrapped assets, such as wBTC, permit the transfer of liquidity from other ecosystems. The fact that this material has not been independently verified should be noted, and until it is confirmed by a dependable source, it should be considered unverified news.

An innovative development that will provide users access to Bitcoin functionality on the ADA network is the launch of cBTC. Users must first add their ADA address to the Bitcoin transaction metadata in order to produce cBTC. After that, they must deposit BTC, which anetaBTC will process and confirm. The cBTC is created and sent to the user's Cardano wallet once the BTC deposit has been verified.

One of the initial initiatives that will make it possible to create cBTC on the ADA network is AnetaBTC. AnetaBTC released a roadmap in March 2022 for integrating Bitcoin with the Cardano and Ergo platforms. AnetaBTC unveiled a public testnet in January for wrapping Bitcoin on the Ergo system. AnetaBTC intends to launch ADA's open testnets in March, release open-source contracts, and finish the audit.

With 1,209 projects actively developing on Cardano and 117 projects having previously been launched, the network of Cardano is currently seeing a spike in development activity. The network has experienced 62.2 million transactions overall, and there are 7.87 million Cardano native tokens spread across 70,258 minting policies. A further 5,953 Plutus scripts are available right now, 792 of which are Plutus v2 scripts.

Muhaym Garme
Muhaym Garme
Expert in cryptocurrencies and a journalist with wealth of knowledge in the field, Muhaym has written extensively on everything relevant to the industry, from price research to Blockchain disruption.
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