AnetaBTC, a new protocol that allows Bitcoin (BTC) holders to access their funds on Ergo and Cardano (ADA) in a secure and decentralized way, has just been launched. The platform is currently operational and available for use. This new development allows users to unlock the value of their Bitcoin on the two aforementioned blockchain networks.
The team is responsible for developing the AnetaBTC project aims to draw Bitcoin into Cardano’s decentralized finance (DeFi) ecosystem. Their primary objective is to entice Bitcoin holders to participate in the Cardano network by offering a secure and decentralized protocol that enables them to access the value of their BTC holdings.
AnetaBTC commenced its project on the Ergo blockchain in January to significantly contribute to the anticipated expansion of DeFi on leading blockchains. Their approach involves the introduction of on-chain wrapped BTC, which will aid in achieving their target of attracting more users to the Cardano network.
AnetaBTC has successfully launched its project, allowing cBTC token users to invest, trade, or provide liquidity to Cardano’s testnet protocols. With this new development, cBTC token holders can now enjoy the advantages of the Cardano blockchain using their tokens. These wrapped tokens represent Bitcoin on the Cardano blockchain in a 1:1 ratio.
The emergence of wrapped tokens has solved the need for interoperability between different blockchain networks. It enables users to transfer value smoothly across these networks, making it possible to access various DeFi protocols without requiring the native tokens of each protocol.
Wrapped tokens have the same value as their underlying asset and are redeemable anytime, making them liquid and easily accessible to DeFi platforms.
In recent times, Cardano has witnessed significant growth in its DeFi projects, contributing to the rise of such protocols on its network. This growth has led to a surge in ADA total value locked (TVL), rising from under $50 million to over $150 million since the beginning of the year.
Overall, AnetaBTC’s launch is a significant step forward in decentralized finance, giving users greater flexibility, control, and security over their digital assets.