Cardano’s Charles Hoskinson advocates for DeFi-enabled Bitcoin ecosystem

Cardano’s Charles Hoskinson advocates for DeFi-enabled Bitcoin ecosystem
фото показано с : cryptoslate.com

2024-11-26 14:15

Cardano blockchain founder Charles Hoskinson has shared a vision of building an “ecosystem of hybrid apps powered by DeFi-enabled Bitcoin.”

In a Nov. 26 post on X (formerly Twitter), Hoskinson highlighted his renewed interest in Bitcoin’s foundational code while noting that adding a DeFi layer to the top digital asset could restore its innovative edge.

Hoskinson stated:

“It’s now a goal of mine to see an ecosystem of hybrid apps powered by DeFi enabled Bitcoin. This vision should only require the user to spend bitcoin to make it happen.”

He continued that Cardano’s Babel fee mechanism, which allows transaction fees to be paid in assets other than ADA, could facilitate this integration. This feature enhances interoperability and simplifies user transactions.

The plan builds on Cardano’s recent integration with Bitcoin through the BitcoinOS’s Grail Bridge. This bridge unlocks liquidity between the two blockchain networks and introduces decentralized programmability to Bitcoin. It also aims to address infrastructure gaps needed for DeFi activities.

BitcoinOS describes itself as both a bridge and a guiding framework for Bitcoin’s expansion into DeFi, GameFi, and smart contract applications.

Cardano’s on-chain activity Surges

Hoskinson’s announcement coincides with growing activity on the Cardano network.

Over the past month, retail interest in Cardano has surged amid a broader market uptrend that pushed Bitcoin’s price near the $100,000 milestone. This rally helped fuel Cardano’s ADA token, which briefly crossed the $1 mark for the first time since April 2022 and tripled its market capitalization.

However, the digital asset has seen an 11% drop in the past 24 hours to $0.93 as of press time, according to CryptoSlate’s data.

Cardano Daily Active Addresses (Source: IntoTheBlock)

Nevertheless, ADA remains a focal point as the network sees a spike in new user addresses, reaching levels not seen since June 2023.

The post Cardano’s Charles Hoskinson advocates for DeFi-enabled Bitcoin ecosystem appeared first on CryptoSlate.

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