AnetaBTC has revealed a demo of cBTC that demonstrates the process of minting “wrapped BTC” on Cardano.
This signifies a significant achievement for the Cardano network.
Cardano founder Charles Hoskinson reacted to the exciting news that cBTC could now be minted on the Cardano network.
CBTC, an asset on Cardano that represents BTC, functions similarly to wrapped Bitcoin (wBTC) on Ethereum, but does not rely on a centralized custodian.
AnetaBTC, a project focused on bringing on-chain wrapped BTC to Cardano and Ergo, had previously stated that a cBTC demo would precede the release of its Cardano public testnet.
In a separate announcement, the protocol declared that its public testnet, which will enable wrapped Bitcoin on Cardano, is slated to launch on Thursday, April 20, 2023.
As Cardano prepares for this significant milestone, anetaBTC has shared several updates about its progress in bringing wrapped BTC to the platform.
These updates include successfully minting cBTC on Cardano, developing a mobile app, and open-sourcing its Cardano smart contracts.
AnetaBTC is also conducting a security audit for its wrapping protocol, which it deems an essential milestone for launching its mainnet protocol on Cardano.
Wrapped assets provide a means of bridging liquidity from other ecosystems, and wrapping BTC on Cardano could facilitate unlocking liquidity from the $585 billion BTC market.
AnetaBTC aims to bring Bitcoin liquidity to Cardano and Ergo to contribute to the anticipated DeFi growth of these leading blockchains, with CBTC – a non-custodial wrapped BTC – striving to secure a small percentage of the wBTC market to provide essential liquidity to Cardano.