- launched its Wrapped token, cBTC, on its testnet to draw BTC customers to its DeFi ecosystem.
- Wrapped tokens simplify the switch of worth between blockchains, offering entry to numerous DeFi protocols with out native tokens.
- ADA Whale predicts three narratives to drive the following ADA bull market: DeFi, governance, and scale.
At the moment, Cardano introduced cBTC, its Wrapped Bitcoin token, on the Cardano testnet. The event crew behind the mission is working to draw Bitcoin (BTC) customers to the booming Cardano DeFi ecosystem.
anetaBTC testnet is now dwell. Hyperlink beneath https://t.co/j6vHNUKIll pic.twitter.com/zfQzKs1oSD
— anetaBTC Wrapped BTC on Cardano and Ergo (@anetaBTC) April 22, 2023
Using Cardano’s anetaBTC protocol, cBTC will function inside the Cardano ecosystem to encourage Bitcoin liquidity. Cardano customers now have the power to create cBTC tokens utilizing the anetaBTC protocol, permitting them to fund, commerce, or add liquidity to Cardano testnet protocols.
Moreover, Bitcoin tokens wrapped on the Cardano blockchain might be a precise 1:1 illustration of Bitcoin.
Basically, wrapped tokens simplify the switch of worth between blockchains that lack interoperability. This enables customers to entry varied DeFi protocols with out the necessity to get hold of the native tokens of mentioned protocols.
Because the begin of 2023, Cardano has seen a rise in DeFi protocols backed by a number of enhancements to its blockchain. This led to a noticeable improve in Cardano’s Whole Locked Worth (TVL) from $50 million to over $150 million.
Of the various DeFi protocols launched on Cardano, the majority of TVL is held by DeFi exchanges, equivalent to Indigo, Wingriders, and Minswap. Moreover, stablecoin mission Djed has raised over $15 million in TVL since its launch in early March.
In keeping with the Cardano-focused ADA Whale Twitter account, three narratives are poised to drive the following ADA bull market: DeFi, governance, and scale. Influencer Cardano predicts that round 2024, Cardano may turn into one of many high 10 TVL channels, bringing shock and pleasure to DeFi fans.
By way of governance, ADA Whale predicts that Cardano can have the largest and best-funded DAO ever, which is able to seize headlines. As for scaling, she expects the combination of Hydra into dApps and Leios to happen between 2024-25.
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