Mainnet Launch of Bitcoin Liquidity Project on Cardano

• The cBTC wrapped Bitcoin token has gone live on Cardano’s test network, allowing users to access DeFi protocols.
• This move aims to attract Bitcoin holders to the emerging Cardano DeFi network and is backed by anetaBTC protocol.
• According to Messari report, DeFi activity on the blockchain has grown nearly 200% since 20203.

Introducing cBTC Token

The cBTC token, which represents Bitcoin but operates on the Cardano blockchain, allows easy transfer of value across blockchains without native tokens for the protocol. With anetaBTC protocol, users can create cBTC tokens and use them for activities like trading or liquidity supply within Cardano’s testnet. This development was announced via Twitter stating: “Bitcoin meet Cardano! Mainnet is now LIVE”

Rise in Value Locked (TVL)

Cardano’s Total Value Locked (TVL) has seen a 198.6% rise in YTD as of June 30, 2023. This surge in TVL is attributed to improvements made in decentralized finance and introduction of its DeFi products in the second quarter of 2023. Minswap emerged as the most utilized dApp that processed 1 million transactions per month during May and June – a remarkable 167.5% QoQ growth.

ADA Price Performance

Cardano’s native crypto ADA has been hovering around $0.29 with whale accumulation going very strong according to reports. It will be interesting to see how this launch impacts ADA prices over the long run as more people start using it in conjunction with Bitcoin within the Decentralized Finance sector.

Conclusion

The mainnet launch of wrapped Bitcoin liquidity on Cardano opens new doors for BTC holders who want to explore different options within Decentralized Finance (DeFi). By making it easier to transfer values across blockchains without native tokens, this project could bring about further adoption and growth of DeFi projects while also driving up demand for ADA in the market over time..

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