Wrapped BTC on Cardano (ADA) to Unlock $433B Liquidity Market
- The first cBTC was successfully minted on the Cardano network.
- Wrapped BTC is expected to help unlock liquidity from the Bitcoin market.
- Cardano is currently claiming the #7 rank by market capitalization.
Cardano (ADA) is setting the crypto world abuzz by rolling out new features and slotting in new partnerships, serving as a testament to the ecosystem’s methodical effort.
In its most recent expansion, Cardano has achieved a “major milestone” of the first wrapped Bitcoin (BTC) on the network. Revealed on March 4th, 2023, by AnetaBTC, the first cBTC (a BTC asset on Cardano) was successfully minted on the Cardano blockchain, sending waves throughout the crypto sphere.
According to several prominent Cardano community members, the development is significant for the network, as assets like wrapped Bitcoin (WBTC) facilitate the transfer of liquidity from other blockchains.
The introduction of wrapped BTC on Cardano is therefore anticipated to unlock liquidity from the $433 billion BTC market.
Fighting the FUD?
Cardano FUD fighter Marcosantiago Chiappetta has shared that “cBTC is similar to wrapped BTC (wBTC) on Ethereum (ETH) but without a centralized custodian.” Wrapped assets facilitate the bridge of liquidity from other ecosystems, and wrapped BTC on Cardano is thus anticipated to help unlock liquidity from the significant BTC market.
The notable development for the Cardano ecosystem follows hints that the Age of Voltaire is around the corner, as well as multiple recent partnerships and developments announced by the network.
Community members are calling for an end to the FUD plaguing ADA amidst the current crypto market landscape, stating that Cardano is positioning itself to “lead every major sector for the next bull run.”
Although Cardano has impressed some crypto community members, the optimistic sentiment displayed by Chiappetta and other Cardano-die-hards is not reflected in the price of ADA.
At the time of writing, ADA is trading at $0.33, showing little reaction toward the momentous news of the first wrapped BTC on the network. However, the Altcoin is currently claiming the #7 rank by recording a market capitalization of $11.64 billion, representing a minor spike within the last 24 hours.
There have been no formal statements on verified Cardano channels to back the community’s optimism about unlocking Bitcoin’s liquidity market.
On the Flipside
- Cardano has notably focused on cross-chain functionality, extending to the Valentine’s or SECP network upgrades and developer Working Groups to propel the network.
- The network’s stablecoin DJED was announced to be up for lending and borrowing on Liqwid Finance less than a week ago.
- Cardano whales have been active on the network, boosting the market capitalization of ADA.
Why You Should Care
cBTC on Cardano is unlocking Bitcoin functionality on the ADA network. The intersection of Bitcoin (BTC) and Cardano (ADA) represents a triumph for the Cardano network in terms of significant developments, partnerships, and climbing the ranks.