Unlock Bitcoin’s Potential on the Cardano Blockchain with cBTC
• The cBTC wrapped Bitcoin token is now active on the Cardano testnet, allowing users to access DeFi protocols on the Cardano blockchain.
• According to a report by Messari, Total Value Locked (TVL) in Cardano’s DeFi ecosystem has grown by 198.6% in 20203 alone.
• Minswap emerged as the most utilized decentralized application (dApp) on Cardano, processing 1 million transactions per month in both May and June of 2023.
Bitcoin Liquidity Enters The Cardano Ecosystem
The cBTC wrapped Bitcoin token has gone live on the Cardano testnet, allowing users easy access to DeFi protocols on the blockchain. This move aims to draw Bitcoin holders to the emerging Cardano decentralized finance (DeFi) network with its anetaBTC protocol. With these tokens, users can create cBTC tokens and utilize them for activities like funding, trading, or supplying liquidity within Cardano’s test network.
State of DeFi on The Cardano Blockchain Network
Cardano’s Total Value Locked (TVL) has experienced a remarkable increase of 198.6% year-to-date (YTD). This surge is attributed to improvements in decentralized finance (DeFi), expansion of its ecosystem and introduction of its DeFi products. Minswap emerged as the most utilized dApp on Cardano, processing 1 million transactions per month in both May and June 2023 representing a significant 167.5% quarter-on-quarter (QoQ) rise.
Whale Accumulation Of ADA
Cardano’s native crypto ADA has been hovering around $0.29 with whale accumulation going very strong according to reports. Moreover, this token is being increasingly used for staking activities since Ouroboros Alogrithm was launched back in December 20204 making it more attractive for cryptocurrency investors looking into cardono due its expected return rate from staking activities compared other cryptocurrencies such as Ethereum which return rate is lower than cardono’s staking activities return rate .
Interoperability On Different Blockchains
Most blockchains lack interoperability which makes it hard for users to transfer value across different networks . Thus ,wrapped tokens make it easier for different usersto access different DeFi protocols without having their native tokens .
The launch of cBTC wrapped Bitcoin token into the cardono ecosystem marks huge step forward towards creating bridges between different crypto assets and protocols . It will allow bitcoin holders to easily access DeFI protcols without needing their natice tokens while also providing liquidity into the cardono platform .