AnetaBTC has proudly announced the start of Cardano’s long-awaited mainnet operations, marking a huge advancement. After the ADA blockchain’s successful public testnet release earlier in April, anetaBTC seeks to ignite Cardano’s DeFi potential by injecting it with on-chain wrapped BTC.
The launch of the mainnet is a turning point for Cardano as it sets out on a mission to include Bitcoin liquidity through the cBTC asset. The newly created cBTC will now enable users to access Bitcoin-backed assets within the Cardano ecosystem, much to Ethereum’s wrapped Bitcoin (wBTC), which is a widely awaited breakthrough that is expected to considerably aid the project’s expansion.
The core of this integration plan is AnetaBTC’s multi-phase methodology, which envisions three separate phases. In the first one, anetaBTC upholds governance, and BTC deposits are kept in a safe vault. Automated deposit transaction verification is carried out with the use of a careful off-chain code that compares user addresses and information. Decentralisation will become increasingly important as the protocol develops via succeeding iterations, strengthening the security and robustness of this ground-breaking system.
The massive trillion-dollar BTC market’s potential for unleashing liquidity highlights the revolutionary nature of wrapping BTC on Cardano. AnetaBTC’s noncustodial cBTC endeavour aims to carve out a position in the growing wBTC market, extending Cardano’s liquidity landscape, with its eyes set on Cardano’s role in the impending DeFi revolution.
