• The cBTC wrapped Bitcoin token has gone live on Cardano, allowing users to access DeFi protocols more easily.
• According to the latest Messari report, DeFi activity on the Cardano blockchain has jumped nearly 200% in 20203 alone.
• Minswap emerged as the most utilized decentralized application (dApp) on Cardano, processing 1 million transactions per month in both May and June.
Bitcoin Liquidity Enters The Cardano Ecosystem
The cBTC wrapped Bitcoin token is now active on the Cardano testnet, providing Bitcoin holders an easy way to access DeFi protocols on the blockchain. With the anetaBTC protocol, users can create cBTC tokens and utilize them for activities like funding, trading, or supplying liquidity within Cardano’s test network.
State of DeFi on Cardano Blockchain Network
DeFi protocols have been growing rapidly on Cardano since early 2023. According to a recent Messari report, Total Value Locked (TVL) has experienced a 198.6% year-to-date (YTD) increase as of June 30th 2023. This growth is attributed to expansion in its ecosystem and introduction of its DeFi products such as Minswap which processed 1 million transactions per month in both May and June – a significant 167.5% quarter-on-quarter (QoQ) increase.
Whale Accumulation of ADA
Cardanos native crypto ADA has been hovering around $0.29 but whale accumulation of ADA has been strong according to reports with more investors taking part in staking ADA rewards or holding it for long term investments due to its increasing value potential over time .
Benefits Of Wrapped Tokens
Wrapped tokens allow for interoperability between blockchains by mirroring Bitcoin’s value at a 1:1 ratio while operating on the Cardno blockchain – making it easier for different users to access different DeFi protocols without having their native tokens for each one .
With mainnet launch of the cBTC token allowing users easy access into Cardanos burgeoning decentralized finance network , combined with whale accumulation of ADAs increasing value potential , this could be an exciting opportunity for those looking into investing in cryptocurrencies .