- In the latest re-delegation process, the Cardano Foundation lays emphasis on the stake pool contributions to society.
- Cardano also unveiled the launch of a wrapped Bitcoin token (cBTC) to boost DeFi activity on the platform.
In a major development, the Cardano Foundation recently announced the completion of the redelegation process for Wallets 9. This marks the year since the implementation of its Architects of the Future delegation strategy was unveiled initially back in October 2021.
Back then, the Cardano Foundation had shifted its delegation methodology to focus on building this ecosystem while supporting those who create value on the Cardano Network. However, with this change, the delegation strategy will now emphasize the stake pool contributions to society. This encourages the development of open-source solutions while also supporting the broader ecosystem.
The latest initiative will also support the growth of the Cardano ecosystem by focusing on the contributions made by stake pool operators. In order to streamline this process, the application form has been simplified by removing several questions and additional data has been extracted from the blockchain.
During the current round, the Cardano Foundation received several applications and thus evaluated each one carefully. Later, they discovered a wide range of contributions ranging from building tools to educational content.
As a result, several pools also received honorable mentions for their significant contributions to the Cardano community. For the next round of delegation, the Cardano Foundation will open a new application form later this year.
Cardano Introduces Wrapped Bitcoin
In order to attract Bitcoin (BTC) users to its decentralized finance (DeFi) ecosystem, Cardano announced the launch of a wrapped Bitcoin token cBTC, on the Cardano testnet. As the Cardano DeFi ecosystem continues to grow further, its development team is keen to attract the attention of Bitcoin users.
anetaBTC testnet is now live. 👼
Link below ⛅️👇https://t.co/j6vHNUKIlL pic.twitter.com/zfQzKs1oSD
— anetaBTC 👼 Wrapped BTC on Cardano and Ergo (@anetaBTC) April 22, 2023
By using Cardano’s anetaBTC protocol, cBTC shall operate within the Cardano ecosystem in order to boost liquidity. As a result, Cardano users will also get the ability to mint cBTC tokens using the anetaBTC protocol. This, in turn, will allow them to finance, trade, or add liquidity to Cardano testnet protocols.
The Cardano-based wrapped Bitcoin tokens cBTC will be an exact 1:1 representation of Bitcoin. The use of wrapped tokens is to simplify the transfer of value across blockchains that lack interoperability. Thus, it provides users access to different DeFi protocols without any need to obtain the native tokens of the said protocols.
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Since the start of the year, Cardano has witnessed a healthy surge in the DeFi activity on the platform. As a result, the total value locked (TVL) on the Cardano blockchain has jumped from $50 million to now above $150 million.
Of the several DeFi protocols currently running on the Cardano blockchain, most of the TVL has been held by DeFi exchanges such as Indigo, Wingriders, and Minswap. Furthermore, the launch of Cardano’s native stablecoin Djed in early March has garnered $15 million in total TVL. DeFi, governance, and scaling are the three major factors poised to boost activity on the Cardano blockchain.
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