SNEAK PEEK

• The anetaBTC project intends to pull Bitcoin liquidity onto the Cardano ecosystem.
• The release of the Cardano testnet is a remarkable achievement for the project since it allows minting cBTC on Cardano which is quite similar to wrapped Bitcoin on Ethereum.
• cBTC will enable Cardano users to take advantage of Bitcoin liquidity by offering new opportunities for decentralized finance projects on the Cardano blockchain.

cBTC, the wrapped Bitcoin, is now live on the Cardano testnet. Developers of the project are looking forward to attracting Bitcoin users to the budding Cardano DeFi ecosystem. 

From now onwards, users can mint cBTC tokens from the anetaBTC protocol and use them to trade, fund or offer liquidity to Cardano testnet protocols, as reported by Investor Bites. These wrapped tokens are a 1:1 representation of bitcoin; however, on the Cardano blockchain.

The anetaBTC protocol now enables users to mint @Cardano-based wrapped bitcoin (cBTC), which they can utilize to support, trade, or add liquidity to Cardano testnet protocols.@anetaBTC #CardanoNFT #Bitcoin #BTC #CryptoNews #InvestorBites

— Investor Bites (@InvestorBites) April 24, 2023

Guidelines on how to interact with the testnet will be posted on Telegram and Discord. The anetaBTC protocol will have three phases: V1, V2 and V3. 

In January, the project released its public testnet for the Ergo blockchain to contribute to the expected DeFi explosion of popular blockchains through on-chain wrapped BTC.

The launch of the Cardano testnet is a significant milestone for the project, as it allows for the minting of cBTC, a BTC asset, on Cardano similar to wrapped Bitcoin (wBTC) on Ethereum.

With wrapped tokens, transferring value across blockchains turns easy and enables users to access different decentralized finance protocols without the need of native tokens of that protocol.  

Several decentralized finance enhancements have supported the increase of such protocols on Cardano right from the beginning of this year. The TVL or total value locked has jumped under $50 million to around $150 million in this duration.

Indigo, Minswap and Wingriders are some of the DeFi exchanges with most of the TVL on Cardano. The stablecoin project has attracted around $15 million since its launch in early March.