Bitcoin

Cardano

With the appearance of Cardano Bitcoin (cBTC), decentralized finance (DeFi) could see major changes by integrating bitcoin with the Cardano blockchain in a decentralized and secure manner. This ambitious project raises questions about its potential and the challenges of taking advantage of the liquidity offered by the market’s leading cryptocurrency.<h2 id="header-0">The bold gamble of wrapped tokens</h2>The concept of wrapped tokens is not new, as evidenced by the existence of wrapped BTC (wBTC) on <a href="https://www.cointribune.com/ethereum-entre-mises-a-jour-strategiques-et-defis-a-relever/" rel="noopener noreferrer nofollow">Ethereum</a> since 2019. These tokens allow a cryptocurrency from one blockchain to be used on another by “wrapping” it.Wrapped BTC ensures a 1:1 ratio between wBTC and BTC. However, this approach has been criticized for its reliance on third parties to manage the tokens. Indeed, this goes against the philosophy of <a href="https://www.cointribune.com/guides-crypto/guide-de-la-defi/" rel="noopener noreferrer nofollow">decentralized finance (DeFi)</a>.Faced with this observation, the Cardano Bitcoin (cBTC) project enters the scene with the ambition to transform the world of wrapped tokens. By eliminating the need for an intermediary through <a href="https://www.cointribune.com/quest-ce-quun-contrat-intelligent-ou-smart-contrat/" rel="noopener noreferrer nofollow">smart contracts</a> and a secure vault, it promises a more decentralized and seamless integration of bitcoin into the Cardano ecosystem.<h2 id="header-1">cBTC’s promising first steps and upcoming challenges</h2>In fact, early tests of cBTC have been successful. <a href="https://twitter.com/IOHK_Charles/status/1647316313985937408" rel="noopener noreferrer nofollow">Charles Hoskinson</a>, Cardano’s founder, welcomed the innovation.Through this project, users will be able to access bitcoin’s liquidity and benefit from its massive adoption. With bitcoin’s market capitalization approaching $570 billion, the potential for the Cardano ecosystem is significant.<a href="https://www.cointribune.com/en/cardano-bitcoin-cbtc-a-revolution-in-defi-ecosystem/" rel="noopener noreferrer nofollow">Read more</a>

Cardano Bitcoin (cBTC): A Revolution in DeFi Ecosystem

Tabla de contenidos

Cointribune EN

Otros artículos publicados el 24 abr 2023

Why Crypt2 Esports Is the Key to Financial Freedom for Gamers Everywhere

Binance Academy Launches a Chatbot Powered by ChatGPT

Bitcoin (BTC) Enters Below $28K; Should Investors Worry?

MakerDAO Proposes New Changes to the Protocol, Details Inside

WONDER DAO Joins NCP as WONDER 1

Dogecoin creator issues stark warning on crypto investing; Here’s what he said

¡Únete a nuestro boletín gratuito para recibir actualizaciones diarias de criptografía!