- Cardano DeFi Activity Increases – DeFi activity on the Cardano blockchain has jumped nearly 200% in 20203 alone, as per the latest Messari report.
- cBTC Token Goes Live on Cardano Testnet – The cBTC token, which represents wrapped Bitcoin, is now active on the Cardano testnet. This move aims to draw Bitcoin (BTC) holders to the emerging Cardano decentralized finance (DeFi) network.
- Whale Accumulation of ADA – Cardano’s native crypto ADA has been hovering around $0.29. However, whale accumulation of ADA has been going very strong.
Bitcoin Liquidity Enters The Cardano Ecosystem With Mainnet Launch of This Project
The cBTC wrapped Bitcoin token is now live on the Cardano testnet, allowing users easy access to DeFi protocols on its blockchain. This move draws Bitcoin (BTC) holders to join the emerging network and utilize their funds for activities like funding, trading or supplying liquidity within it at a 1:1 ratio with BTC’s value. AnetaBTC protocol also offers interoperability across different blockchains with its wrapped tokens.
State of DeFi On The Cardano Blockchain Network
Per a recent report by Messari released on August 4th 2023, Total Value Locked (TVL) in DeFi protocols operating on the blockchain have experienced an impressive 198.6% increase year-to-date (YTD). Minswap was found to be the most utilized decentralized application (dApp), having processed 1 million transactions per month in both May and June, registering a noteworthy 167.5% quarter-on-quarter rise.
ADA Prices & Whale Accumulation Of ADA
Cardano’s native cryptocurrency ADA had been trading around $0.29 at press time and its whale accumulation has seen major growth as well since early 2021. Per data from Santiment, over 10k addresses had held more than 10 thousand ADAs each as of June 2021 – an indication of large scale capital investments into this cryptocurrency platform.