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Wrapped Bitcoin Token Goes Live on Cardano Testnet

Shaurya Malwa
Updated ·1-min read

Join the most important conversation in crypto and web3! Secure your seat today

Wrapped bitcoin token cBTC has gone live on the Cardano testnet as the project’s developers seek to attract bitcoin (BTC) holders to the nascent Cardano decentralized-finance, or DeFi, network.

Users can now mint cBTC tokens from the anetaBTC protocol and use the tokens to fund, trade or provide liquidity to Cardano's test network. These wrapped tokens are a 1:1 representation of bitcoin, but on the Cardano blockchain.

Wrapped tokens make it easy to transfer value across blockchains, which otherwise lack interoperability, allowing users to access different DeFi protocols without the native tokens of that protocol.

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Various DeFi enhancements have aided the rise of such protocols on Cardano since the start of 2023, with the total value locked on Cardano-based platforms rising to over $150 million from less than $50 million

DeFi exchanges such as Minswap, Indigo and Wingriders hold most of the TVL on Cardano, with stablecoin project Djed attracting over $15 million since it went live in early March.