Cardano has successfully deployed the cBTC token, a wrapped bitcoin (BTC) token, on its anetaBTC testnet. The move will entice Bitcoin users to join Cardano’s DeFi ecosystem.
cBTC is now available on the anetaBTC testnet. Cardano, the blockchain network powering ADA, the world’s seventh-largest cryptocurrency, has implemented wrapped bitcoin (cBTC) on its anetaBTC testnet in an effort to draw bitcoin (BTC) liquidity to its developing decentralized finance (DeFi) ecosystem.
According to the developers, the new Cardano-wrapped bitcoin (cBTC) is pegged at 1:1 with BTC, and Cardano users can now issue cBTC tokens on the anetaBTC protocol, allowing them to trade and participate in DeFi activities on Cardano. You might also be interested in Lace 1.0, a new web3 platform based on Cardano, which is released by IOG. The Cardano protocol now has a total value locked (TVL) of $153.77 million. Cardano is home to 18 DeFi projects in total. According to Defi Llama, Cardano’s top DeFi protocol is Minswap, a multi-pool decentralized exchange (DEX) with a TVL of $53.58 million. In the previous 30 days, the price of ADA has increased by 6.9%. At the time of writing, ADA is worth $0.387003, marking a 0.3% increase in the last 24 hours.