According to the report, it is now possible to use cBTC for daily transactions, trade it on decentralized exchanges, and use it as collateral for loans. According to reports, Wrapped Bitcoin was launched on the Cardano testnet in April with the aim of being an exact representation of Bitcoin on the Cardano blockchain, maintaining a 1:1 ratio. Users have the ability to create tokens and utilize them for trading or liquidity provision on the Cardano network. AnetaBTC reports that Cardano’s goal is to attract Bitcoin holders and make a substantial contribution to the expansion of online DeFi.
Facilitating value transfers between blockchains, wrapped tokens play a crucial role in achieving interoperability in the crypto ecosystem. Users can use DeFi protocols without needing to use the protocols’ native tokens, in simpler terms.
The majority of the initiative’s development has been communicated to AnetaBTC’s supporters. An image depicting the protocol’s road map was released on May 2, along with an announcement of the upcoming mainnet launch. The plan consisted of different stages, including improvements to the backend and a comprehensive review. The Cardano ecosystem’s Total Value Locked (TVL) performance is remarkable at the moment. DefiLlama reports that the total value locked (TVL) is $141.69 million, which increases to $172.28 million when factoring in staking. Cardano has launched the Hydra initiative to enhance the network’s transaction processing capacity.
Mainnet incoming… 👼 pic.twitter.com/vO25d9BEsX
— anetaBTC 👼 Wrapped BTC on Cardano and Ergo (@anetaBTC) May 2, 2023
Hydra protocols are a group of layer 2 protocols that aim to enhance the scalability and adaptability of Cardano for various use cases that demand fast and cost-effective transactions. The mainnet has seen the debut of the first Hydra head. It is said that Hydra utilizes a similar structure to that of the Bitcoin Lightning Network (LN). Reports suggest that, like LN, Hydra would mandate users to deposit funds before its usage. A network of Heads is expected to be formed in the future. Reports suggest that Cardano is drawing in users from Ethereum who are departing the network because of the high gas fees. However, the price of ADA is continuing to decline.
Over the past week, Cardano has experienced a decline of 5.7 percent, indicating a pessimistic state. Over the last 30 days, the asset has decreased by 6.2%, while over the last 90 days, it has decreased by 6.3%. ADA’s 24-hour trading volume is $181,874,455, and its market capitalization is $12.6 billion.
At the present price of $0.362295, the ADA’s current support and resistance levels are $0.340623 and $0.386305.