Wrapped Bitcoin Token Goes Live on Cardano Testnet
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Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.
Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.
Wrapped bitcoin token cBTC has gone live on the Cardano testnet, with the project’s developers aiming to attract bitcoin (BTC) users to the nascent Cardano decentralized finance (DeFi) ecosystem.
Users can now mint cBTC tokens from the anetaBTC protocol, and use the tokens to fund, trade, or provide liquidity to Cardano testnet protocols. These wrapped tokens are a 1:1 representation of bitcoin, but on the Cardano blockchain.
Wrapped tokens make it easy to transfer value across blockchains, which otherwise lack interoperability, allowing users to access different DeFi protocols without requiring the native tokens of that protocol.
Various DeFi enhancements have aided the rise of such protocols on Cardano since the start of 2023, with total value locked (TVL) rising from under $50 million to over $150 million in this period.
DeFi exchanges such as Minswap, Indigo and Wingriders hold most of the TVL on Cardano, with stablecoin project Djed attracting over $15 million since its early March launch.
Edited by Parikshit Mishra.
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Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.
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Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.
