With the addition of additional features to the wrapped Bitcoin token, cBTC, AnetaBTC has announced a new era powered by Cardano.
Now that users may bank using cBTC, it follows that they can use the token to carry out regular transactions and to borrow money. The cBTC coin may be traded on DEXes as well.
Since its launch on the Cardano testnet in April, the Wrapped Bitcoin Token (cBTC), based on the anetaBTC protocol, has allowed users to issue cBTC tokens and use them to finance, trade, or provide liquidity to the Cardano network.
Notably, although being on the Cardano blockchain, the cBTC token is a 1:1 replica of Bitcoin.
The company AnetaBTC, which transfers wrapped Bitcoin to Cardano and Ergo, claims it intends to entice Bitcoin users to Cardano in order to support the network’s impending DeFi boom.
Wrapped tokens enable users to use different DeFi protocols without utilising the original tokens of those protocols, facilitating value transfers across blockchains that would otherwise be incompatible.
The exciting news of the impending mainnet deployment of the AnetaBTC protocol on Cardano was announced by AnetaBTC on May 2.
It posts a picture of its plan, which includes launching the mainnet and includes steps like backend upgrades and a thorough audit.
Cardano now has a TVL (total value locked) of $141.69 million, according to statistics from DefiLlama. The amount is bigger when staking is taken into account, coming in at $172.28 million.
This is 470.5 million ADA locked in Cardano’s DeFi platform in ADA currency.
