Cardano has successfully launched a wrapped bitcoin (BTC) token dubbed cBTC on its anetaBTC testnet. The move is aimed at attracting bitcoin users to Cardano’s DeFi ecosystem.
cBTC goes live on the anetaBTC testnet
In a bid to attract bitcoin (BTC) liquidity to its burgeoning decentralized finance (DeFi) ecosystem, Cardano, the blockchain network powering ADA, the world’s 7th-largest cryptocurrency has introduced wrapped bitcoin (cBTC) on its anetaBTC testnet.
According to the team, the new wrapped bitcoin (cBTC) on Cardano is pegged at 1:1 with BTC, and Cardano users will now be able to mint cBTC tokens on the anetaBTC protocol, enabling them to trade, and participate in DeFi activities on Cardano.
The Cardano protocol currently boasts $153.77 million in total value locked (TVL). Cardano is home to a total of 18 DeFi projects. Minswap, a multi-pool decentralized exchange (DEX), is Cardano’s top DeFi protocol, with a TVL of $53.58 million, according to Defi Llama.
The price of ADA is up by 6.9% in the last 30 days. At the time of writing, ADA is exchanging hands for $0.387003, representing a 0.3% rise in the last 24 hours.
Looking at the larger picture, ADA is down by more than 87% from its all-time high of $3.09 reached in Sept. 2021.