The post Charles Hoskinson Just Made Bitcoin DeFi Possible on Cardano appeared first on Coinpedia Fintech News
Cardano, the 10th largest crypto asset, has just made a bold move in the digital asset space. Founder Charles Hoskinson has introduced the Cardinal Protocol, the network’s first DeFi solution powered by Bitcoin. For the first time, Bitcoin can now be used on Cardano for lending, staking, and more, without the need for third-party custodians. The news has sparked market excitement, pushing ADA’s 24-hour trading volume to $500 million. Currently trading at $0.669, Cardano is also gaining momentum after its inclusion in the Nasdaq crypto index, signaling growing institutional interest.
Bitcoin Enters Cardano’s DeFi Arena
Developed by InputOutput HK, Cardinal allows users to put their Bitcoin to work through lending, borrowing, farming, or staking on the Cardano blockchain. This is made possible using “wrapped UTXO” technology, which can be burned at any time to redeem the original Bitcoin or Ordinals. For the first time, Bitcoin holders have a way to tap into DeFi on Cardano without trusting centralized platforms.
Safe, Cross-Chain, and Fully Transparent
Instead of custodians, Cardinal uses a secure MuSig2 multi-signature system, making Bitcoin transactions safe, transparent, and decentralized. It also supports cross-chain compatibility with networks like Ethereum, Solana, and Avalanche. Cardinal uses BitVMX for off-chain verification, while Cardano smart contracts handle the on-chain logic.
Users can now interact with popular DeFi platforms like MinswapDEX, SundaeSwap, and Fluid Tokens to lend, farm, and trade Bitcoin-backed assets. Ordinals, too, can now be used as collateral for loans and traded on other chains without losing their identity.
More Features on the Way
Cardano’s CTO Romain Pellerin believes this is a huge step forward, but says there’s more to be done. Future upgrades may include wallet support, zero-knowledge proofs, and deeper liquidity.
This launch bridges the world’s biggest cryptocurrency with Cardano’s DeFi ecosystem — bringing Robert Kiyosaki’s belief that Bitcoin is “the people’s money” even closer to reality.
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The post Charles Hoskinson Just Made Bitcoin DeFi Possible on Cardano appeared first on Coinpedia Fintech News
Cardano, the 10th largest crypto asset, has just made a bold move in the digital asset space. Founder Charles Hoskinson has introduced the Cardinal Protocol, the network’s first DeFi solution powered by Bitcoin. For the first time, Bitcoin can now be used on Cardano for lending, staking, and more, without the need for third-party custodians. …
This articles is written by : Nermeen Nabil Khear Abdelmalak
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