History is made yet again as Bitcoin arrives to Cardano with AnetaBTC
AnetaBTC, “a decentralized, secure protocol that allows users to unlock the value of their Bitcoin on Ergo and Cardano” through on-chain wrapped Bitcoins (wBTC); has made history with their latest announcement showcasing cBTC being minted on Cardano in its demo before the public testnet launch scheduled for April 20th, 2023.
This already comes after a series of big announcements from the team including immense mobile app development, an upcoming security audit for the protocol, and the recent open-sourcing of the protocol’s smart contracts.
The protocol is inching closer and closer to its inevitable mainnet launch on Cardano with the team’s ultimate goal being to unlock liquidity from the Bitcoin ecosystem by tapping into the wrapped Bitcoin market to enable much-needed liquidity to pour into the Cardano De-Fi ecosystem through non-custodial wrapped Bitcoins (wBTC).
cBTC is very similar to wrapped Bitcoins on blockchains like Ethereum except for the immensely important distinction that cBTC are non-custodial wrapped Bitcoins essentially meaning that no one centralized entity operates as a custodian of the assets.
With Cardano De-Fi’s massive expansion of products, protocols, and services; the ability for liquidity from the Bitcoin ecosystem and wrapped Bitcoin market to pour into Cardano is a very optimistic aspect of this ecosystem to look forward to come cBTC’s mainnet launch. This could provide the crucial liquidity needed to allow Cardano De-Fi to flourish and properly compete with the likes of Ethereum.