Cardano Launches New Era Enabling Users to Bank with cBTC
cBTC gets new capabilities as AnetaBTC unveils a new era on Cardano. cBTC can be used for day-to-day transactions and traded on decentralized exchanges. A new era is unlocked in the Cardano ecosystem as...
- cBTC gets new capabilities as AnetaBTC unveils a new era on Cardano.
- cBTC can be used for day-to-day transactions and traded on decentralized exchanges.
A new era is unlocked in the Cardano ecosystem as AnetaBTC announces that Wrapped Bitcoin, cBTC, gets new capabilities. AnetaBTC operates as a decentralized and secured protocol that enables users to unlock the value of their Bitcoin on Ergo and Cardano.
According to the report, cBTC can now be used for everyday transactions, traded on decentralized exchanges, and secured loans. The Wrapped Bitcoin reportedly went live on the Cardano testnet in April and has been designed to have a 1:1 representation of Bitcoin on the Cardano blockchain. As part of its uses, users can create the tokens and use them to trade or offer liquidity to the Cardano network. According to AnetaBTC, it seeks to contribute immensely to the DeFi explosion on the web by attracting Bitcoin holders to Cardano.
It is important to note that Wrapped tokens are key to achieving interoperability in the crypto ecosystem as it enables value transfers between blockchains. In other words, users can use DeFi protocols without necessarily using the native tokens of those protocols.
AnetaBTC has kept its followers updated on most parts of the journey to this vast initiative. On May 2, it shared an image depicting the roadmap of the protocol as it announced that the mainnet launch was imminent. The roadmap included different stages such as backend improvements and a complete audit.
This comes at a time the Cardano ecosystem is recording some incredible performance in terms of the Total Value Locked (TVL). According to DefiLlama, it has a TVL of $141.69 million and $172.28 with staking inclusive.
Cardano making upgrades, but ADA remains down
Cardano recently launched its Hydra project as part of the effort to enable the network to process more transactions.
Hydra is a family of layer 2 protocols designed to make #Cardano more scalable and adaptable for various use cases that require fast and cheap transactions. The first Hydra head recently opened on mainnet.
Hydra is said to use the same architecture as Bitcoin Lightning Network (LN). According to reports, users would have first to deposit to use Hydra just like LN. In the future, it is expected that the Heads get connected to form a network. Cardano is also reportedly getting new users exiting from the Ethereum network due to the skyrocketing gas fees. However, the ADA price is still down.
Cardano is in a bearish state with a 5.7 fall in the last seven days. The asset is 6.2 percent down in the last 30 days and 6.3 percent down in the last 90 days. ADA has a market cap of $12.6 billion and a 24-hour trading volume of $181,874,451.
With a current price of $0.362295, ADA’s support and resistance levels are fixed at $0.340623 and $0.386305 respectively.
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Regardless of the poor market reaction, the booming ecosystem activities can reflect in its price in the long term.
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