Cardano’s Charles Hoskinson advocates for DeFi-enabled Bitcoin ecosystem Cardano’s Charles Hoskinson advocates for DeFi-enabled Bitcoin ecosystem
Cardano's Hoskinson plans to leverage Bitcoin's foundational code with a DeFi layer to restore its innovative edge.
2 min read
Updated: Nov. 26, 2024 at 11:19 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
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.
Nevertheless, ADA remains a focal point as the network sees a spike in new user addresses, reaching levels not seen since June 2023.
Mentioned in this article
Author 
Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
Latest Bitcoin Stories
Featured Story
Advertise Here
In this article
Cardano is a decentralized public blockchain and cryptocurrency project and is fully open source.
Bitcoin
$95,798.96
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Charles Hoskinson, based in Colorado, stands out as a prominent figure in the blockchain and cryptocurrency sphere.
