AnetaBTC, a secure and decentralized protocol that enables users to unlock the value of their Bitcoin (BTC) on Ergo and Cardano (ADA), has recently launched. The platform is now live and fully operational.
The development team behind the AnetaBTC project has set its sights on attracting Bitcoin to Cardano’s decentralized finance (DeFi) ecosystem. Their target is to bring Bitcoin holders into the Cardano network by providing a secure and decentralized protocol that unlocks the value of their BTC holdings.
AnetaBTC launched its project on the Ergo blockchain in January, intending to contribute to the expected DeFi growth on significant blockchains. They aim to achieve this by introducing on-chain wrapped BTC.
The launch of anetaBTC’s project now enables cBTC token users to fund, trade, or provide liquidity to Cardano testnet protocols. These users can now utilize their tokens to access the benefits of the Cardano blockchain. The cBTC tokens are wrapped tokens representing Bitcoin on the Cardano blockchain in a 1:1 ratio.
Wrapped tokens have emerged as a solution to the lack of interoperability between different blockchain networks. They enable users to transfer value seamlessly across these networks, making it easy to access other DeFi protocols without the need for the native tokens of each protocol.
Wrapped tokens represent the same value as their underlying asset and can be redeemed anytime, providing liquidity and accessibility to DeFi platforms.
Since the start of the year, the Cardon has recorded significant aid from the DeFi projects, which have aided in the rise of such protocols on the Cardano network, leading to a surge of ADA total value locked (TVL) rising from under $50 million to over $150 million in this period.
Overall, AnetaBTC represents a significant step forward in decentralized finance, providing users with greater flexibility, control, and security over their digital assets.
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