The Cardano powered wrapped Bitcoin platform disclosed new features for Bitcoin (BTC) & Cardano (ADA) lovers.
cBTC is a bitcoin-pegged token on the popular Proof-of-stake (PoS) Cardano blockchain network. All the cBTC on the Cardano network are pegged in 1:1 and the whole system works in a fully decentralized environment, in short no centralised body, while in the case of wrapped Bitcoin (wBTC) on the Ethereum network there is a centralised body that maintains Bitcoin reserves against wBTC.
On 2 May 2023, AnetaBTC announced the completion of almost all the work ahead cBTC launch on the Cardano mainnet.
It means people can enjoy the new benefit of Bitcoin on the Cardano network at very low fees & fast transaction speed.
On 9 May, anetaBTC announced that a new feature has been added to the cBTC protocol, which allows people to create cBTC tokens and use them to fund, trade, or offer liquidity to the Cardano network
Crypto experts believe that cBTC may attract huge numbers of Bitcoin holders in the Cardano ecosystem, as they will come to generate rewards for providing Bitcoin liquidity in the Cardano ecosystem.
Cardano network transaction volume
Over the last week, the Bitcoin & Ethereum network saw a significant increment in gas prices because of the high traffic of network transactions amid the popularity of Pepe token & Bitcoin ordinals (ORC-20).
Because of the high network fees on the top two crypto networks, the majority of people shifted their focus toward Cardano network.
A Cardano dev noted that the Cardano network is handling transaction volume at around 90%+ capacity and further suggested Cardano devs bring more development activities to push up the efficiency & scalability of the Cardano network.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.