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Wrapped Bitcoin Token Goes Live on Cardano Testnet
The anetaBTC project aims to attract bitcoin liquidity to the Cardano ecosystem.
Wrapped bitcoin token cBTC has gone live on the Cardano testnet as the project’s developers seek to attract bitcoin (BTC) holders to the nascent Cardano decentralized-finance, or DeFi, network.
Users can now mint cBTC tokens from the anetaBTC protocol and use the tokens to fund, trade or provide liquidity to Cardano's test network. These wrapped tokens are a 1:1 representation of bitcoin, but on the Cardano blockchain.
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anetaBTC testnet is now live. 👼
— anetaBTC 👼 Wrapped BTC on Cardano and Ergo (@anetaBTC) April 22, 2023
Link below ⛅️👇https://t.co/j6vHNUKIlL pic.twitter.com/zfQzKs1oSD
Wrapped tokens make it easy to transfer value across blockchains, which otherwise lack interoperability, allowing users to access different DeFi protocols without the native tokens of that protocol.
Various DeFi enhancements have aided the rise of such protocols on Cardano since the start of 2023, with the total value locked on Cardano-based platforms rising to over $150 million from less than $50 million
DeFi exchanges such as Minswap, Indigo and Wingriders hold most of the TVL on Cardano, with stablecoin project Djed attracting over $15 million since it went live in early March.
Shaurya Malwa
Shaurya is the Co-Leader of the CoinDesk tokens and data team in Asia with a focus on crypto derivatives, DeFi, market microstructure, and protocol analysis. Shaurya holds over $1,000 in BTC, ETH, SOL, AVAX, SUSHI, CRV, NEAR, YFI, YFII, SHIB, DOGE, USDT, USDC, BNB, MANA, MLN, LINK, XMR, ALGO, VET, CAKE, AAVE, COMP, ROOK, TRX, SNX, RUNE, FTM, ZIL, KSM, ENJ, CKB, JOE, GHST, PERP, BTRFLY, OHM, BANANA, ROME, BURGER, SPIRIT, and ORCA. He provides over $1,000 to liquidity pools on Compound, Curve, SushiSwap, PancakeSwap, BurgerSwap, Orca, AnySwap, SpiritSwap, Rook Protocol, Yearn Finance, Synthetix, Harvest, Redacted Cartel, OlympusDAO, Rome, Trader Joe, and SUN.
