1. BITBILIHome
  2. Article

Cardano Embraces Wrapped Bitcoin with the Launch of cBTC on Mainnet

• 47 views

TL;DR Breakdown

  • Cardano has successfully integrated the ability to wrap Bitcoin (BTC) on its mainnet through the anetaBTC protocol, enhancing blockchain interoperability.
  • This integration allows users to interact with both ADA and BTC on a single network. It is expected to attract a broader audience and increase the Total Value Locked (TVL) on Bitcoin.

Description

In a groundbreaking move, Cardano, the renowned Proof-of-Stake (PoS) protocol, has integrated Wrapped Bitcoin assets, termed as cBTC, through the innovative anetaBTC protocol. This development marks a significant stride towards blockchain interoperability and paves the way for a more inclusive and expansive crypto ecosystem. Cardano’s recent announcement has been the talk of the crypto town. … Read more

In a groundbreaking move, Cardano, the renowned Proof-of-Stake (PoS) protocol, has integrated Wrapped Bitcoin assets, termed as cBTC, through the innovative anetaBTC protocol. This development marks a significant stride towards blockchain interoperability and paves the way for a more inclusive and expansive crypto ecosystem.

Cardano’s recent announcement has been the talk of the crypto town. The integration of the ability to wrap Bitcoin (BTC) on its mainnet is revolutionary. Spearheading this integration is anetaBTC, an open-source protocol that has garnered attention for its capability to introduce on-chain-wrapped Bitcoin to various blockchains.

This integration is more than just a technical achievement; it’s a testament to Cardano’s commitment to enhancing blockchain interoperability. By welcoming BTC onto its network, Cardano is bridging two of the most significant cryptocurrencies and laying the foundation for a more interconnected and seamless blockchain environment.

Implications and Benefits of Cardano’s Wrapped Bitcoin

The deployment of cBTC on Cardano’s mainnet offers a plethora of benefits, both immediate and long-term. For starters, users can now seamlessly interact with ADA and BTC tokens on a singular network, eliminating the need for cumbersome cross-chain transactions.

Moreover, this development is a strategic maneuver by Cardano to attract a broader audience and increase the Total Value Locked (TVL) on Bitcoin. Considering Bitcoin’s towering market capitalization, which currently stands at an impressive $572 billion (accounting for nearly half of the entire crypto market cap), this move is expected to bring a significant influx of capital and users to the Cardano network.

In a display of the protocol’s efficiency, alongside the anetaBTC protocol’s launch, Cardano has already minted BTC on its mainnet. AnetaBTC, in a bid to showcase the protocol’s success, shared a screenshot that confirmed the successful minting of 1.706 cBTC. Furthermore, the on-chain protocol highlighted that a cumulative total of 6.19 cBTC has been minted on the Cardano network since its inception.

A Glimpse into Cardano’s Future Endeavors

The integration of cBTC is just the tip of the iceberg regarding Cardano’s ambitious plans. The anetaBTC protocol is already gearing up for its next version, with anetaBTC version 2 expected to roll out soon, promising more features and enhanced efficiency.

But the anetaBTC update isn’t the only thing that has the Cardano community buzzing. The Cardano blockchain has reported a staggering 73.2 million transactions this week alone. Additionally, the network has seen the inception of over 137 projects, and the total number of policies reported has crossed the 78,000 mark.

Another noteworthy update is the pre-release of node v.8.2.1-pre, designed explicitly for SanchoNet. For the uninitiated, SanchoNet is an avant-garde development network crafted to introduce the Cardano ecosystem to governance features stemming from CIP-1694. This network fosters collaborative building and testing in a controlled, conducive environment.

On the software front, the Lace team has rolled out Lace v.1.4, which boasts of newly integrated features. One such feature is the “ADA Handle” support enhancement, coupled with crucial bug fixes that promise a smoother user experience. Furthermore, Input Output Global (IOG), the pioneering startup that powers Cardano, has shared exciting plans to expand the Mithril solution to Africa, indicating Cardano’s commitment to global expansion and inclusivity.

Conclusion

Cardano’s recent developments, especially the integration of cBTC through the anetaBTC protocol, signal a future where blockchain interoperability is not just a dream but a tangible reality. As the crypto world watches with bated breath, Cardano continues to push boundaries, setting new standards for what’s possible in blockchain technology.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

文章来源于互联网:Cardano Embraces Wrapped Bitcoin with the Launch of cBTC on Mainnet

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年8月13日 20:01
Next 2023年8月13日 23:58

Related articles

  • Arbitrum price analysis: ARB bulls rally as the price flashes at $1.27

    TL;DR Breakdown Arbitrum price analysis is bullish with signs of selling pressure also visible. Resistance for ARB is present at $1.35. Support for ARB is present at $1.20. The Arbitrum price analysis is bullish today as the market witnessed a considerable improvement in the price levels. The bulls led a rally that elevated the price levels to the $1.27 range. The coin has been rallying for the last three days, gaining significant value as the bullish momentum was strong and helped the coin’s flight. Yet, today the trend is the same, but now, selling pressure is resurfacing again. The price swung low towards $1.23 for a moment, but the bulls are in action again, and the price is recovering, currently at $1.25. The next point where bulls may get resistance again could be $1.30. ARB/USD 1-day price chart: Bulls striving for the lead as they mark high goals The 1-day chart for Arbitrum price analysis shows that the coin price has surged further high today. The price is currently set at $1.25, as the coin has gained 3.72 percent during…

    Article 2023年6月1日

  • Cathie Wood’s ARK Invest liquidates Coinbase stocks as crypto exchange rallies amid regulatory uncertainties

    TL;DR Breakdown Cathie Wood’s ARK Invest has sold a substantial part of its Coinbase holdings as the cryptocurrency exchange’s stock reaches near one-year highs, continuing a trend of liquidating Coinbase stocks during rallies. Wood remains optimistic about Coinbase despite the sell-off, citing a recent court ruling favoring Ripple as a positive sign for crypto exchanges. However, Berenberg Capital Markets analysts warn that regulatory issues are far from resolved for crypto exchanges, highlighting potential vulnerability for products like Coinbase Earn to be classified as securities. Description ARK Invest, the growth-focused fund steered by Cathie Wood, continues to offload shares of the crypto exchange giant, Coinbase, even as the stock soars to just shy of its one-year peak at $105.55. A recent disclosure reveals that ARK has shed 248,838 shares of Coinbase (COIN), worth just over $26 million. This follows ARK’s earlier … Read more ARK Invest, the growth-focused fund steered by Cathie Wood, continues to offload shares of the crypto exchange giant, Coinbase, even as the stock soars to just shy of its one-year peak at $105.55. A recent disclosure reveals…

    Article 2023年7月19日

  • Russia’s digital ruble set to pilot amid economic challenges

    TL;DR Breakdown Russia is initiating a digital Ruble pilot, despite economic challenges and international isolation from the Ukraine conflict. The Federation Council has passed legislation approving the digital Ruble. Tests may begin next month. The digital Ruble could ease cross-border payments and increase internal transaction transparency. Description As the global economy steers towards digitization, Russia propels its own monetary evolution by piloting the digital Ruble, an innovation maneuvered in the midst of formidable economic obstacles. Overcoming international isolation due to the Ukraine conflict, Russia’s journey into the digital currency realm manifests the nation’s resilience and strategic foresight. The launch of Russia’s digital … Read more As the global economy steers towards digitization, Russia propels its own monetary evolution by piloting the digital Ruble, an innovation maneuvered in the midst of formidable economic obstacles. Overcoming international isolation due to the Ukraine conflict, Russia’s journey into the digital currency realm manifests the nation’s resilience and strategic foresight. The launch of Russia’s digital ruble The blueprint for Russia’s digital currency received a green light from the Federation Council, Russia’s upper house of parliament….

    Article 2023年7月20日

  • A look at Asia’s top weekly news highlights

    TL;DR Breakdown Vitalik Buterin questions the longevity of Hong Kong’s crypto-friendly shift. South Korea initiates a three-month investigation into politicians’ cryptocurrency holdings. India contemplates its cryptocurrency stance, influenced by the G20’s crypto risk framework. Description This week in Asia, a series of high-profile happenings in the cryptoverse grabbed the limelight. Between questionable stances on crypto-friendliness and unexpected partnership announcements, it seems like the entire continent is dancing to the beats of digital coins. But is it all just glitz, or is there some real grit behind the scenes? Hong Kong: … Read more This week in Asia, a series of high-profile happenings in the cryptoverse grabbed the limelight. Between questionable stances on crypto-friendliness and unexpected partnership announcements, it seems like the entire continent is dancing to the beats of digital coins. But is it all just glitz, or is there some real grit behind the scenes? Hong Kong: Crypto-Friendly or Just Playing the Field? Vitalik Buterin, the iconic face behind Ethereum, recently raised an eyebrow at Hong Kong’s seemingly warm embrace of the crypto realm. Now, I’m all for countries…

    Article 2023年9月19日

  • Coinbase CEO’s shocking prediction for the future of crypto

    TL;DR Breakdown Brian Armstrong, CEO of Coinbase, is optimistic about the future of cryptocurrency regulation in the U.S., despite the ongoing lawsuit against Coinbase by the Securities and Exchange Commission (SEC). The SEC alleges that Coinbase operates as an unregistered securities exchange, broker-dealership, and clearing house, but Armstrong believes such registrations weren’t required for Coinbase’s operations. Armstrong suggests that determining crypto regulations isn’t as complex as it may seem and is hopeful that the U.S. will reach regulatory clarity in due time. Coinbase CEO Brian Armstrong has offered an optimistic forecast for the crypto industry’s future, even as his company grapples with a lawsuit from the United States Securities and Exchange Commission (SEC). Armstrong stresses that determining crypto regulations isn’t as complex as it seems, and he remains confident that, given time, the U.S. will arrive at a clearer regulatory framework. Coinbase navigating through a lawsuit Armstrong’s future-oriented prediction emerged during his interview with The Wall Street Journal, only days after the SEC initiated a lawsuit against Coinbase. The commission alleges that Coinbase has been operating an unregistered securities exchange,…

    Article 2023年6月14日
TOP