Breaking: Cardano Shocks Crypto World With First BTC Wrapped On Network

Key Points:

• Cardano network has reached a noteworthy achievement as reported by AnetaBTC.
• CBTC, an asset on the Cardano blockchain, operates in a manner similar to wBTC on the Ethereum blockchain, except it does not require a centralized custodian.
• AnetaBTC is one of the first projects that will enable the creation of cBTC on the Cardano network.

Cardano network has reached a noteworthy achievement as reported by AnetaBTC. They have confirmed the successful minting of cBTC, a wrapped version of BTC, on the Cardano network.

This accomplishment marks a significant advancement for the ecosystem.

CBTC, an asset on the ADA blockchain, operates in a manner similar to wBTC on the Ethereum blockchain, except it does not require a centralized custodian. Wrapped assets like wBTC facilitate the transfer of liquidity from different ecosystems, and the introduction of wrapped BTC on ADA could potentially unlock liquidity from the $432 billion BTC market. It is important to note that this information has not been independently verified and should be treated as unverified news until corroborated by a reliable source.

The creation of cBTC on the ADA network is a new development that will provide users with access to Bitcoin functionality within the ADA network. To create cBTC, users must first add their ADA address to the Bitcoin transaction metadata and then deposit BTC, which will be processed and confirmed by anetaBTC. Once the BTC deposit is confirmed, the cBTC is minted and sent to the user’s Cardano wallet.

AnetaBTC is one of the first projects that will enable the creation of cBTC on the ADA network. In March 2022, AnetaBTC published a roadmap for bringing Bitcoin to the Cardano and Ergo platforms. In January, AnetaBTC released a public testnet for wrapped Bitcoin on the Ergo platform. AnetaBTC plans to launch ADA’s public testnets this March and make open-source contracts available, as well as complete the audit.

Cardano is experiencing a surge in development activity on its network, with 1,209 projects currently building on Cardano and 117 projects already launched. The total number of transactions on the network has reached 62.2 million, while the number of Cardano native tokens stands at 7.87 million across 70,258 minting policies. In addition, there are currently 5,953 Plutus scripts, of which 792 are Plutus v2 scripts.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.

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