Congrats, You Can Now Mint Wrapped BTC on Cardano’s Mainnet

Cardano is yet again fortifying its dedication and commitment to blockchain interoperability. It has officially welcomed Bitcoin assets on the Mainnet, allowing users to interact with both ADA and BTC through the network. As wrapped BTC is now available for mint on Cardano, this addition eliminates the need for cross-chain transactions and paves the way for a smoother user experience.

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cBTC on Cardano

Illustration: Lenka T.

AnetaBTC Brings cBTC to Cardano

This summer, Cardano has witnessed a surge in development activity. And while the new projects are finding their place within the ecosystem, new features are arriving, too.

One of the latest additions to Cardano that will inevitably bring a surge of positive changes is its ability to wrap Bitcoin on its Mainnet. This integration of BTC wouldn’t be possible without anetaBTC, a groundbreaking protocol that brings Bitcoin liquidity to other chains.

Wrapped cBTC feature went live on Cardano’s testnet back in April, allowing users to mint the asset through anetaBTC protocol.

What is anetaBTC Protocol?
Built on Ergo, anetaBTC is a decentralized protocol aiming to bring BTC to Cardano and Ergo blockchains as a wrapped token. In this case, wrapped BTC is a tokenized representation of Bitcoin. It has the same value as the OG coin, but unlike BTC, this coin type is operable on other blockchains. In other words, it’s a crucial addition to the token world as we know it today, primarily because it opens new doors to interoperability and versatility.

Ever since its inception, Cardano has been a huge advocate for blockchain interoperability. With many tokens already moving seamlessly between Cardano and other networks, it’s safe to say that Cardano’s on-chain metrics will record a new activity spike thanks to its embrace of wrapped Bitcoin assets.

Cardano has already minted BTC on its Mainnet, demonstrating the protocol’s effectiveness. According to anetaBTC’s tweet that features a screenshot of its platform, which allows users to interact with the protocol, Cardano successfully minted 1.706 cBTC since the cBTC integration.

In the same tweet, anetaBTC also showcased that the Cardano network witnessed the minting of 6.19 cBTC tokens, of which roughly 4.486 BTC were minted on Cardano’s testnet. Following the current BTC market price at time of writing ($29,372.22), Cardano minted approximately $50,109 worth of BTC on its Mainnet, and the total cBTC stash on Cardano amounts to around $181,814.

Jelena is a content writer dedicated to learning about all things crypto. Her hobbies are playing chess, drawing, baking, and going on long walks. During winter, she usually spends her leisure time reading books.