- AnetaBTC has launched a new era powered by Cardano with its wrapped Bitcoin token, cBTC.
- Users can now bank with cBTC, conduct everyday transactions, take out loans, and trade the token on DEXes.
Cardano: Wrapped BTC Platform Announces New Era Powered by Cardano
AnetaBTC has announced a new era for its wrapped Bitcoin token, cBTC, on the Cardano blockchain. The announcement comes with new capabilities for cBTC users, including the ability to conduct everyday transactions, take out loans, and trade the token on DEXes.
Banking with cBTC
Users can now bank with cBTC, which means they can use the token for everyday transactions and take out loans. Additionally, they can trade the token on DEXes, opening up new possibilities for DeFi users.
1:1 representation of Bitcoin
Notably, the cBTC token is a 1:1 representation of Bitcoin but on the Cardano blockchain. AnetaBTC hopes to attract Bitcoin holders to Cardano and contribute to the network’s DeFi growth.
Mainnet launch imminent
AnetaBTC recently announced that the mainnet launch of the AnetaBTC protocol on Cardano is imminent. The platform shared its roadmap, which includes backend improvements and a complete audit, among other stages.
TVL on Cardano’s DeFi platform
According to DefiLlama data, Cardano’s DeFi platform currently has a TVL of $141.69 million, which increases to $172.28 million when staking is included. This translates to 470.5 million ADA locked in Cardano’s DeFi platform.
Wrapped tokens and interoperability
Wrapped tokens facilitate value transfers between blockchains that would otherwise be non-interoperable. This allows users to access various DeFi protocols without using the native tokens of those protocols. AnetaBTC’s cBTC token is an example of a wrapped token that enables Bitcoin users to access Cardano’s DeFi platform.