• The cBTC wrapped Bitcoin token has gone live on Cardano’s mainnet, allowing users to access DeFi protocols on the blockchain.
• According to Messari, the Total Value Locked in Cardano’s DeFi protocols has grown by 198.6% YTD as of June 30th, 2023.
• Minswap emerged as the most utilized decentralized application (dApp) on Cardano during Q2 of this year, processing 1 million transactions per month.
Cardano Enters Bitcoin Liquidity With Mainnet Launch of cBTC Wrapped Token
The cBTC wrapped Bitcoin token went live on Cardano’s mainnet recently, allowing users easy access to its DeFi protocols. A Messari report revealed that the Total Value Locked (TVL) in Cardano’s DeFi products had jumped nearly 200% year-to-date (YTD) as of June 30th, 2023. This surge is attributed to various improvements in DeFi platforms and increased user adoption of these services.
AnetaBTC Protocol Allows Users To Create cBTC Tokens & Utilize For Funding, Trading & More
The anetaBTC protocol enables users to create cBTC tokens which mirror Bitcoin’s value at a 1:1 ratio but operate on the Cardano blockchain instead. Interoperability between blockchains is made easier with these wrapped tokens as they allow for transfer of value across different networks without needing native tokens. The anetaBTX team stated: „Thanks to our community for being with us every step of the way. BTC is now available to help bolster Cardano DeFi.“
Minswap Emerges As Most Utilized dApp On Cardano During Second Quarter Of 2023
Data from Messari shows that Minswap was the most used dApp on Cardano during Q2 2023, processing 1 million transactions per month in both May and June – representing a 167.5% increase quarter-on-quarter (QoQ). This is likely due to more people getting involved in trading activities and taking advantage of yield farming opportunities through Minswap’s platform within the network.
ADA Whale Accumulation Continues; Price Hovers Around $0.29
Cardano’s native crypto ADA has been hovering around $0.29 during this time period despite heavy whale accumulation going on behind the scenes.. This suggests that investors are confident about further growth prospects for ADA and other assets associated with it such as cBTC tokens and dApps like Minswap built upon it – making them good long-term investments for those looking for potential returns over time..
Conclusion
The launch of cBTC tokens on Cardano’s mainnet marks an important milestone for both Bitcoin holders and those interested in utilizing DeFi services offered by networks like Cardano itself or other blockchains connected through interoperability tools such as wrapped tokens like cBTC . This development should lead to more liquidity within its ecosystem going forward which could result in even higher Total Value Locked figures than what we’ve seen so far this year..