I break down AnetaBTC, how they will be bringing wrapped Bitcoin BTC assets and liquidity to the Cardano and Ergo blockchains.
Wrapped BTC isn’t a new thing. wBTC has been on Ethereum for quite awhile and many are very familiar with it. There is over 14 billion in wrapped Bitcoin assets on the Ethereum blockchain.
AnetaBTC are looking at providing the same and similar feature for the Cardano blockchain but doing so in a non custodial way with no middle man looking after the Bitcoin. Instead, they are using smart contracts and locking the BTC in collateralised vaults.
Users will be able to mint the anetaBTC from these vaults and also burn their anetaBTC to convert back to BTC at any stage.
The team are currently running a Liquidity Initial Stake pool Offering where delegates to their stake pools NETA1 and NETA2 will give up their ADA staking rewards for these cNETA tokens on the Cardano blockchain.
I go over how you can earn more cNETA and how to stake on these pools to earn these tokens.
Learn more about the project:
https://bit.ly/3ttYbiq
