JAKARTA - In the midst of the dynamics that continues to develop in the crypto ecosystem, this week Cardano (ADA) is taking a significant step in an effort to increase its blockchain capabilities.
For information, interoperability refers to different system or network capabilities for communicating, interacting, and smoothly sharing data and functionality without obstacles. In the crypto world, interoperability refers to the ability of various blockchains or crypto platforms to cooperate with each other, share information, and allow the flow of assets or inter-platform data.
The Cardano Network (ADA) has introduced a new integration that allows Bitcoin (BTC) to be accessed within its ecosystem, through the use of cBTC (Cardano-wrapped Bitcoin). This move caught the attention of a number of market players, as well as opening up wider opportunities in the crypto world.
New BTC successfully minted on Cardano. 🔄 Minted: 1.706 cBTC👼 Total: 6.19 cBTCMint here ⛅️👇https://t.co/j6vHNUKIlL pic.twitter.com/FZ5LFgqd8o
— anetaBTC 👼 Mainnet Live (@anetaBTC) August 12, 2023
New BTC successfully minted on Cardano. 🔄 Minted: 1.706 cBTC👼 Total: 6.19 cBTCMint here ⛅️👇https://t.co/j6vHNUKIlL pic.twitter.com/FZ5LFgqd8o
According to a Coingape News report, this integration was introduced by the etaBTC protocol, known for its ability to carry Bitcoin wrapped on-chain into the Cardano blockchain. This paved the way for users to interact with these two crypto assets in one ecosystem. In addition, it has the strategic potential to attract a wider audience as well as increase Total Value Locked (TVL) in the Cardano ecosystem.
The introduction of cBTC on the Cardano mainnet has not only technical implications, but also has a significant impact on the use of these two assets. Improved interoperability makes it easier for users to make transactions and other activities between these two networks. What's more, this approach has the potential to boost TVL in the Cardano ecosystem, considering that Bitcoin still holds the position of assets with the highest market capitalization in the crypto industry.
In a move that caught the attention of the crypto community, the anetaBTC protocol managed to print 1,706 cBTC on the Cardano mainnet. This marks an important milestone in the journey of integrating Bitcoin into the Cardano ecosystem. Bitcoin's market capitalization, which reaches around 572 billion US dollars (Rp8.7 quadrillion), provides tremendous potential in driving the economy within the Cardano network.
This achievement is also concrete evidence that the anetaBTC protocol is able to connect two major ecosystems in the crypto world, opening the door to more innovations in the future.
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Further improvement
Developments in the Cardano ecosystem do not stop here. The current version 2 of the anetaBTC protocol is in the development stage and is expected to be released soon. This demonstrates a strong commitment to continuously enhance and expand integration capabilities within this network.
In addition, another achievement this week is the number of transactions that reached 73.2 million on the Cardano blockchain. This illustrates the high level of activity in the network, as well as reflects the increasing adoption.
Not only that, there are several other highlights this week. SanchoNet, a new development network designed for the exploration of governance features from CIP-1694, is an important focus point. In addition, Lace's latest release brings new features such as increasing "ADA Handle" support and bug fixes. This demonstrates the commitment of the IOG (Global Output Input) to continue providing improvements and innovations in the Cardano ecosystem.
The development of the Cardano ecosystem with cBTC integration and other developments, it is becoming increasingly clear that this network plays an important role in the evolution of the crypto industry as a whole. With continuous efforts to expand functionality and increase in various fields, Cardano remains one of the projects worth paying attention to in the crypto world.
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