We launched on mainnet! Thank you to our community for your continued support as we strive to be the leading Bitcoin wrapping protocol on Cardano. The rest of this article will explore what to expect, and how to get involved with our community.

Announcements

Please support our proposal for cBTC/ADA farming on Minswap. We need 30 more votes to be considered for MIN rewards for providing liquidity to the cBTC/ADA pair.
Updated documentation and demos should be released by next week.
We’re now being tracked on DefiLlama.
In the news! Media companies that posted about our mainnet launch.

Introduction

Last week, we officially launched on Cardano mainnet, and since then, have already amassed over 11 BTC into the Cardano ecosystem.

A key component to our project’s success is being an early market leader in Bitcoin liquidity. Being the go-to Bitcoin marketplace on Cardano now should set a strong foundation for years to come.

With this in mind, we are releasing our early-bird cBTC minting incentives to attract Bitcoin into our protocol.

Bitcoin Incentives

For minting cBTC, there will be rewards starting for the first 30 BTC minted on Cardano. We are already 33% completed with this goal.

The following rewards structure will be like this:

First 1–10 BTC → 100,000 cNETA per BTC (currently $800)
First 11–15 BTC → 75,000 cNETA per BTC (currently $600)
First 16–20 BTC → 60,000 cNETA per BTC (currently $500)
First 21–25 BTC → 55,000 cNETA per BTC (currently $450)
First 26–30 BTC → 50,000 cNETA per BTC (currently $400)

All rewards will be vested weekly over 6 months starting in September.

The exact claiming mechanism will be released soon.

Values of cNETA are subject to change over time.

Rewards Example

If a user minted 1.5 BTC during the first 10 BTC, and minted 2 BTC during the 16–20 BTC mints, the user could expect to earn 100,000 cNETA x 1.5 BTC = 150,000 cNETA and 60,000 cNETA x 2 BTC = 120,000 cNETA for a total of 270,000 cNETA, currently worth over 7,300 ADA or $2,000.

Rewards are prorated to the number of BTC a user mints.

There will then be additional rewards to provide liquidity to the cBTC/ADA pair on Minswap.

These incentives are designed to:

bring Bitcoin into Cardano; and
Have that Bitcoin participate in Cardano DeFi and facilitate a liquid Bitcoin market on Cardano.

Final Remarks

We are excited to release this initiative to hopefully bring more BTC into the Cardano ecosystem.

We are currently the leader in bringing Bitcoin into the Cardano ecosystem and we believe a strong incentives strategy now will pay dividends for years to come.

We sincerely thank each and every member of our community for their support. We will continue to update our community on our progress as we work towards a better future for all.