Cardano Blockchain Network Mints Wrapped Bitcoin
Cardano (ADA) has shook the cryptocurrency community by achieving a significant network development. AnetaBTC reports that Cardano has succesfully issued its first cBTC, an encapsulated variant of Bitcoin on the Cardano blockchain network. cBTC operates similarly to WBTC on the Ethereum blockchain, with the exception that it doesn’t necessitate a centralized custodian.
The bundled BTC on the ADA network could release liquidity from the $432 billion BTC market, which is one of the primary benefits of this development. This is due to the fact that bundled assets, such as wBTC, facilitate the transmission of liquidity between environments. The addition of CBTC to ADA would bring Bitcoin’s features to the ADA network.
To establish a cBTC, customers would have to append their ADA address to the Bitcoin activities metadata and make a deposit, as per the data. The anetBTC will then execute and validate the transaction. Once the BTC is validated, CBTC would be created and delivered to the user’s Cardano wallet.
AnetaBTC is reportedly the first initiative to help with the creation of cBTC on the ADA blockchain network. Recall that AnetaBTC released a timetable for introducing Bitcoin to the Cardano and Ergo networks in March 2022. In January 2023, a public testnet for bundled Bitcoin on the Ergo framework was made available.
This month, AnetaBTC intends to release ADA’s public testnet, render open-source contracts accessible, and finish the audit. Lately, Cardano revealed that 1,209 initiatives are currently being developed on its network. Furthermore, more than 117 initiatives have already been initiated. The cumulative total of all network activities has hit 62,2 million. Presently, there are approximately 7.87 million native Cardano tokens distributed throughout 70,258 minting policies. In addition, there are 5,953 Plutus scripts, including 792 Plutus v2 scripts.
JUST IN: #Cardano just achieved a MAJOR Milestone With its First Wrapped BTC on the #Cardano Network! CBTC is similar to wrapped BTC (wBTC) on ETH but without a centralized custodian🤯 wrapped BTC on #Cardano unlocks liquidity from the $432 billion BTC market~Silence the noise🤫 pic.twitter.com/xu5hCxnROn
— Marcosantiago Chiappetta (@marcosantiagoNY) March 5, 2023
The initial cBTC financing round was concluded with a $12 million market cap in 2013. It was revealed that the funds were going to be utilized to extend the development process and facilitate additional token cross-chain transfer to the Cardano blockchain network. CBTC has almost always strived to be endowed with exceptional cross-chain facility centralization and decentralization capabilities. In order to assure the safety of cross-chain assets, it was further disclosed that asset custody partnership would begin with Huobi Trust. A Cardano protocol update was announced in February to improve cross-chain features for decentralised application development on the blockchain network.
Yesterday, a revised suggestion was put forward in partnership with @cardanostiftung to convert the #Cardano pre-production ecosystem to protocol v8, which will go into force on Saturday, February 11, 2023 at 00:00 UTC. Cross-chain networks are software applications that permit trades between different blockchains. Prior to the update, the cumulative sealed value of Cardano-based DeFi apps surpassed $100 million (TVL). Upon the debut of the overcollateralized djed stablecoin, excitement in Cardano DeFi reached a new peak.
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