Cardano mints first wrapped Bitcoin similar to Ethereum accessing the $432 billion BTC market – Report

  • Cardano excites the crypto world by successfully minting its first cBTC.
  • This marks a massive advancement in the Cardano network and could unlock liquidity from the Bitcoin market.

Cardano (ADA) has shaken the crypto world with an accomplishment that shows a massive improvement in the ecosystem. According to AnetaBTC, Cardano has successfully minted its first cBTC, a wrapped version of BTC on the Cardano network. The operation of cBTC is very similar to that of WBTC on the Ethereum blockchain apart from the fact that it does not require a centralized custodian. 

One main merit of this is that wrapped BTC on the ADA network could unlock liquidity from the $432 billion BTC market. This is because wrapped assets like wBTC enable the transfer of liquidity from different ecosystems. CBTC coming to ADA would provide users with the functionality of Bitcoin on the ADA network.

According to the information, users would have to add their ADA address to the Bitcoin transaction metadata and make a deposit to create a cBTC. This will then be processed and confirmed by the anetaBTC. CBTC would be minted and sent to the user’s Cardano wallet once the BTC is confirmed.

Cardano records booming activities

According to reports, AnetaBTC is the first project to facilitate the creation of cBTC on the ADA network. It can be recalled that AnetaBTC published a roadmap in March 2022, for bringing Bitcoin to the Cardano and Ergo platforms. A public testnet for wrapped Bitcoin on the Ergo platform was released in January. 

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This month, AnetaBTC seeks to come out with ADA’s public testnet and make open-source contracts available and also complete the audit. Recently, Cardano reported booming activities on its network with 1,209 projects building on the network. Additionally, over 117 projects have already been launched. The total number of transactions on the network has reached 62.2 million. The number of Cardano native tokens is currently around 7.87 million across 70,258 minting policies. Also, there are 5,953 Plutus scripts, of which 792 are Plutus v2 scripts.

Last year, the first cBTC funding round was completed with a market valuation of $12 million. It was disclosed that the fund would be used to expand the development team and support more token cross-chain migration to the Cardano network. CBTC has always sought to be equipped with outstanding cross-chain services capability of centralization and complete decentralization. It was also announced that it will start asset custody cooperation with Huobi Trust to ensure the security of the cross-chain assets. 

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Last month, an upgrade was announced on Cardano to ensure enhancement to cross-chain functionality for decentralized application building on the network. 

In collaboration with @cardanostiftung, an updated proposal was submitted yesterday to upgrade the #Cardano pre-production environment to protocol v8, which will take effect on Saturday, February 11, 2023, at 00:00 UTC.

Cross-chain bridges are software applications that enable transactions to occur between various blockchains. Before the upgrade, Cardano-based DeFi applications crossed $100 million in total value locked (TVL). Interest in Cardano DeFi hit a new height after the launch of the overcollateralized djed stablecoin. 

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John's a cryptocurrency and blockchain writer and researcher with years of experience. He has a lot of interest in emerging startups, tokens, and the invisible forces of demand and supply. He holds a Bachelor's degree in Geography and Economics.

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