- Cardano launched the Wrapped Bitcoin token cBTC on its testnet to draw BTC customers to its DeFi ecosystem.
- Wrapped tokens simplify the switch of worth on blockchains by offering entry to numerous DeFi protocols with out native tokens.
- ADA Whale predicts that three narratives will drive the following ADA bull market: DeFi, governance and scaling.
Right this moment, Cardano introduced cBTC, its Wrapped Bitcoin token, on the Cardano testnet. The challenge’s improvement workforce goals to draw Bitcoin (BTC) customers to Cardano’s thriving DeFi ecosystem.
Utilizing Cardano’s anetaBTC protocol, cBTC will function throughout the Cardano ecosystem to spice up Bitcoin liquidity. Cardano customers now have the flexibility to mint cBTC tokens utilizing the anetaBTC protocol, which permits them to fund, commerce or complement Cardano’s testnet protocols.
As well as, wrapped Bitcoin tokens can be an actual 1:1 reflection of Bitcoin on the Cardano blockchain.
Basically, wrapped tokens simplify the switch of worth on blockchains that lack interoperability. It offers customers entry to numerous DeFi protocols with out having to acquire native tokens for mentioned protocols.
From 2023 Within the early 2000s, Cardano noticed an inflow of DeFi protocols supported by a number of blockchain enhancements. This resulted in a major enhance in Cardano’s Complete Locked Worth (TVL), which rose from $50 million. USD to greater than 150 mln.
Among the many many DeFi protocols launched by Cardano, the vast majority of TVL is owned by DeFi exchanges reminiscent of Indigo, Wingriders, and Minswap. As well as, the Djed stablecoin challenge has earned greater than 15 million TVLs since its launch in early March.
Based on Cardano’s ADA Whale Twitter account, three narratives are poised to gas the following ADA bull market: DeFi, governance, and scalability. Cardano influencer predicts that round 2024 Cardano has the potential to change into a high 10 TVL chain, which is able to trigger shock and pleasure for DeFi fans.
By way of governance, ADA Whale expects Cardano to have the biggest and best-funded DAO to seize headlines. By way of scalability, Hydra integration into dApps and Leios is predicted to occur in 2024-2025.
