AnetaBTC has made history by unveiling a demo of cBTC, a BTC asset on Cardano that is similar to wrapped Bitcoin (wBTC) on ETH, but without a centralized custodian. This groundbreaking achievement marks a significant milestone for the Cardano network and could help unlock liquidity from the $585 billion BTC market.
AnetaBTC, which aims to bring on-chain wrapped BTC to Cardano and Ergo, has successfully minted cBTC on Cardano and is now developing a mobile app and open-sourcing its Cardano smart contracts. The protocol is also conducting a security audit for its wrapping protocol, a crucial step in launching its mainnet protocol on Cardano.
Cardano founder Charles Hoskinson reacted excitedly to the news, which comes ahead of the public testnet release of anetaBTC on Thursday, April 20, 2023. The protocol seeks to bring crucial liquidity to Cardano and Ergo by attaining a small percentage of the wBTC market and contributing to the anticipated DeFi explosion of these leading blockchains.
Wrapped assets enable liquidity to be bridged from other ecosystems, and wrapping BTC on Cardano could prove to be a game-changer. CBTC, a non-custodial wrapped BTC, is designed to bring Bitcoin liquidity into Cardano and Ergo, unlocking opportunities for decentralized finance and creating more value for users.
AnetaBTC’s journey to bring wrapped BTC to Cardano has been marked by several updates, including the successful minting of cBTC on Cardano and the open-sourcing of its Cardano smart contracts. These developments signify a critical milestone in the protocol’s mission to make Bitcoin liquidity available to Cardano users.
With the launch of the anetaBTC public testnet just around the corner, the Cardano community is eagerly anticipating the impact that wrapped BTC could have on the network. If successful, this development could be a game-changer for Cardano, unlocking new possibilities for DeFi and establishing the network as a major player in the world of blockchain technology.
