Key Ideas

• According to AnetaBTC, the Cardano network has achieved a significant milestone.
• Similar to how wBTC on the Ethereum blockchain functions, CBTC, a cryptocurrency on the Cardano blockchain, does not need a central custodian.
• One of the initial initiatives that will make it possible to create cBTC on the Cardano network is AnetaBTC.

According to AnetaBTC, the Cardano network has achieved a significant milestone. They have verified that cBTC, a wrapped version of BTC, was successfully minted on the Cardano network.

This accomplishment marks a significant advancement for the ecosystem.

The ADA blockchain’s CBTC asset functions similarly to wBTC on the Ethereum blockchain, but without the need for a central custodian. The introduction of wrapped BTC on ADA may be able to release liquidity from the $432 billion BTC market.

 

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Wrapped assets, such as wBTC, facilitate the transfer of liquidity from various ecosystems. The fact that this information has not been independently verified should be noted, and until it is confirmed by a dependable source, it should be considered unverified news.

An innovative development that will give users access to Bitcoin functionality on the ADA network is the creation of cBTC. Users must first add their ADA address to the Bitcoin transaction metadata in order to create cBTC. After that, they must deposit BTC, which anetaBTC will process and confirm. The cBTC is created and sent to the user’s Cardano wallet once the BTC deposit has been verified.

One of the initial projects that will make it possible to create cBTC on the ADA network is AnetaBTC. AnetaBTC released a roadmap in March 2022 for integrating Bitcoin with the Cardano and Ergo platforms. AnetaBTC unveiled a public testnet in January for wrapped Bitcoin on the Ergo system. AnetaBTC intends to launch ADA’s open testnets in March, release open-source contracts, and finish the audit.

With 1,209 projects actively developing on Cardano and 117 projects having already been launched, the network of Cardano is currently experiencing a surge in development activity. The network has experienced 62.2 million transactions overall, and there are 7.87 million Cardano native tokens spread across 70,258 minting policies. A further 5,953 Plutus scripts are available right now, 792 of which are Plutus v2 scripts.