The crypto sector may be struggling with the ongoing bear market, but some projects are relentlessly building and expanding their ecosystems. One such is Cardano, which just hit a milestone in its Bitcoin decentralized finance (DeFi) integration, by completing the first atomic swap between BTC and the blockchain’s native asset, ADA.
Key takeaways
Quick scan — what you need to know:
- The crypto sector may be struggling with the ongoing bear market, but some projects are relentlessly building and expanding their ecosystems.
- One such is Cardano, which just hit a milestone in its Bitcoin decentralized finance (DeFi) integration, by completing the first atomic swap between BTC and the blockchain’s native asset, ADA.
- According to a tweet, the Cardano-based DeFi platform Fluid Tokens completed the transaction, swapping 0.0001 native BTC for 50 native ADA.
- Such a move indicates that the Cardano team has succeeded in making BTC available on the proof-of-stake blockchain.
Background
What led here, in plain terms:
- The First BTC-ADA Atomic Swap Fluid Tokens offers a range of services like lending, borrowing, staking, NFT rentals, and cross-chain liquidity across Cardano and Bitcoin.
- The multi-chain platform leverages users’ assets to offer access to a diverse range of services.
- Data from mempool shows that the BTC-ADA atomic swap occurred on March 25 for a fee rate of 15.0sat/vB.
- The transaction is significant because it did not require any third-party intermediaries, such as centralized exchanges.
Why it matters
Why readers and decision-makers should care:
- Cardano is the first layer-1 chain to utilize BOS in enabling DeFi applications, like Fluid Tokens, to offer BTC functionality for their users.
- Having smashed the BTC-ADA atomic swap goal, decentralized applications on Cardano are working to leverage BOS’s scalability and programmability to create an environment that enables deeper…
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