The Cardano network has achieved a major milestone. AnetaBTC says it has successfully minted cBTC (a wrapped bitcoin) on the network, marking a big step forward for the Cardano ecosystem.
It is reported that AnetaBTC is the first project to implement this function in Cardano. CBTC is a bitcoin asset on Cardano, similar to wrapped bitcoin wBTC on ETH, but without a centralized custodian.
Wrapped assets help bridge liquidity from other ecosystems, and wrapped Bitcoin on Cardano may help unlock liquidity in the Bitcoin market.
When minting cBTC, users add their own ADA address to the BTC TX metadata, deposit BTC, and then be processed and confirmed by AnetaBTC. cBTC is minted and then sent to the user’s Cardano wallet.