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- Cardano launched its Wrapped Bitcoin token, cBTC, on its testnet to draw BTC customers to its DeFi ecosystem.
- Wrapped tokens simplify the switch of worth throughout blockchains, offering entry to varied DeFi protocols with out native tokens.
- ADA Whale predicts three narratives to drive ADA’s subsequent bull market: DeFi, governance, and scaling.
At this time, Cardano introduced cBTC, its Wrapped Bitcoin token, on the Cardano testnet. The event group behind the undertaking is striving to lure Bitcoin (BTC) customers into the burgeoning Cardano DeFi ecosystem.
Using Cardano’s anetaBTC protocol, cBTC will function inside the Cardano ecosystem to encourage Bitcoin liquidity. Cardano customers now have the aptitude to mint cBTC tokens utilizing the anetaBTC protocol, enabling them to finance, commerce, or add liquidity to Cardano testnet protocols.
Furthermore, the wrapped Bitcoin tokens on the Cardano blockchain can be a precise 1:1 illustration of Bitcoin.
Basically, wrapped tokens simplify the switch of worth throughout blockchains that lack interoperability. This grants customers entry to varied DeFi protocols with out the necessity to receive the native tokens of mentioned protocols.
For the reason that starting of 2023, Cardano has skilled a surge in DeFi protocols supported by a number of enhancements to its blockchain. This has resulted in a noteworthy enhance in Cardano’s whole worth locked (TVL), which has risen from $50 million to over $150 million.
Among the many quite a few DeFi protocols launched on Cardano, a lot of the TVL is held by DeFi exchanges, comparable to Indigo, Wingriders, and Minswap. Moreover, the stablecoin undertaking Djed has garnered over $15 million in TVL since its launch in early March.
In accordance with the Cardano-focused Twitter account ADA Whale, three narratives are poised to drive ADA’s subsequent bull market: DeFi, governance, and scaling. The Cardano influencer predicts that by round 2024, Cardano might change into a prime 10 TVL chain, leading to shock and pleasure for DeFi fanatics.
By way of governance, ADA Whale anticipates Cardano to have the most important and most well-funded DAO ever, which is able to seize headlines. As for scaling, it forecasts that the combination of Hydra in dApps and Leios will happen between 2024-25.