Catch Bitcoin’s Wave with cBTC on Cardano: Now Live on Mainnet!
• The cBTC wrapped Bitcoin token has been launched on the Cardano testnet, allowing users to access DeFi protocols more easily.
• According to a recent Messari report, DeFi activity on the Cardano blockchain has jumped nearly 200% in 20203 alone.
• Minswap became the most utilized decentralized application (dApp) on Cardano during the second quarter, processing 1 million transactions per month in both May and June.
Mainnet Launch of cBTC Token
The cBTC wrapped Bitcoin token goes live on Cardano allowing users easy access to DeFi protocols on the blockchain. With the anetaBTC protocol, users can create cBTC tokens and utilize them for activities like funding, trading, or supplying liquidity within Cardano’s test network. These wrapped tokens mirror Bitcoin’s value at a 1:1 ratio but operate on the Cardano blockchain.
Growth of DeFi Activity
DeFi activity on the Cardano blockchain has jumped nearly 200% in 20203 alone, as per the latest Messari report. This move aims to draw Bitcoin (BTC) holders to the emerging Cardano decentralized finance (DeFi) network. As we know that most of blockchain networks lack interoperability. In such a scenario, these wrapped tokens make it easy to transfer value across blockchains without having native tokens for each protocol.
Rise of Minswap
A recent report by Messari reveals that Total Value Locked (TVL) has experienced a remarkable increase of 198.6% year-to-date (YTD) as of June 30th 2023 due to expansion of its ecosystem and introduction of DeFi products like Minswap emerged as most utilized dApp on Cardano with processing 1 million transactions per month in both May and June with 167.5% quarter-on-quarter (QoQ) rise .
Whale Accumulation Of ADA
Cardano’s native crypto ADA has been hovering around $0.29 however whale accumulation of ADA is also going very strong .
The launch of cBTC token into mainnet will definitely attract new BTC holders towards emerging decentralized finance network which will ultimately lead towards growth & development in Decentralised Finance space .