AnetaBTC is a protocol that allows Bitcoin to be directly wrapped on the Ergo and Cardano blockchains. This allows Bitcoin holders to access the full value of their assets in a secure and efficient manner, enabling them to utilize Cardano and Ergo decentralized exchanges (DEXs), participate in lending protocols, and more, without having to sell any Bitcoin. AnetaBTC serves a similar purpose to wBTC, which is a 1:1 BTC-backed token on the Ethereum blockchain. wBTC is currently the largest wrapped Bitcoin protocol, with over $4 billion of locked Bitcoin value. However, unlike wBTC, the AnetaBTC protocol will evolve to become fully decentralized through three distinct versions.
AnetaBTC is a crucial infrastructure for advancing blockchain technology and decentralization, enabling true decentralization without the need for third-party intermediaries. AnetaBTC will be entirely on-chain, using Ergo and Cardano smart contracts.