Wrapped BTC is a synthetic version of Bitcoin (BTC), represented by a token, built and deployed through a smart contract, in different blockchain networks. Usually backed on a 1:1 basis by BTC deposited as collateral by an entity that wants the synthetic version to be used in Decentralized Finances (DeFi).
Interestingly, it will now be possible to use Bitcoin-backed tokens on the Cardano (ADA) network, as announced by AnetaBTC’s official account on X. The mainnet went live on August 8, and the project will also have a synthetic BTC version for the Ergo (ERG) blockchain, which has yet to be made live.
Cardano has been growing its presence in DeFi, since the launch of its first native DeFi protocols in early 2022.
The system is still in experimental phases, and users must be aware of the inherent risks and security assumptions before deciding to use the tool. Currently, the AnetaBTC protocol works in its ‘v1’, which involves full custody and governance by the protocol creators.
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We współpracy z: https://finbold.com/cardano-network-now-embraces-its-own-wrapped-btc-solution/
