AnetaBTC, a project that seeks to bring on-chain wrapped BTC to Cardano and Ergo, has announced that the Cardano testnet is now live. In January, anetaBTC released its public testnet for the Ergo blockchain.
AnetaBTC wants to bring Bitcoin liquidity into Cardano and Ergo to contribute to the anticipated DeFi explosion of these leading blockchains.
Thus, the launch of the testnet, which allows the minting of cBTC, a BTC asset on Cardano similar to wrapped Bitcoin (wBTC) on ETH, is seen as a plus for the Cardano blockchain.
The testnet launch is also an important milestone for the launch of the anetaBTC mainnet protocol on Cardano.
AnetaBTC continues in its bid to build crucial infrastructure for the Cardano ecosystem, and a key part of its approach is writing smart contracts that send Bitcoin to a vault if a user wants to mint cBTC. Upon minting, users will be able to use cBTC as a Bitcoin-backed asset on Cardano.
The anetaBTC protocol will see three phases: V1, V2 and V3. V1 is not decentralized and is governed by anetaBTC. V1 has a vault where BTC is sent, and the off-chain code programmatically verifies the BTC deposit transaction containing metadata with the user’s address. The implementation of V3 will completely decentralize this version.
Three narratives to push next market run for ADA
Cardano-focused Twitter account ADA whale believes three narratives might drive ADA’s next bull market: DeFi, governance and scaling.
These narratives will likely drive $ADA next bull market:
– DeFi (c. 2024: “wow Cardano is now a top 10 TVL chain surprise surprise” etc)
– Governance (c. 2024: “biggest and most well funded DAO ever” headlines)
– Scaling (c. 2024-25: Hydra integrated in dapps, Leios Soon™)
— ADA whale (@cardano_whale) April 22, 2023
“These narratives will likely drive ADA next bull market: DeFi (c. 2024: wow, Cardano is now a top 10 TVL chain, surprise, surprise, etc.), Governance (c. 2024: biggest and most well-funded DAO ever headlines), Scaling (c. 2024-25: Hydra integrated in dapps, Leios Soon),” ADA whale tweeted.
At the time of writing, ADA was down 2.28% in the last 24 hours at $0.391.