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
Hoskinson declared:
“It is 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 this 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 improves interoperability and simplifies user transactions.
The plan builds on Cardano’s recent integration with Bitcoin via BitcoinOS’ Grail Bridge. This bridge unlocks liquidity between the two blockchain networks and introduces decentralized programmability to Bitcoin. It also aims to address the infrastructure gaps required for DeFi activities.
BitcoinOS describes itself as both a bridge and a leading framework for the expansion of Bitcoin into DeFi, GameFi, and smart contract applications.
Cardano’s activity in the chain is increasing
Hoskinson’s announcement coincides with growing activity on the Cardano network.
Over the past month, retail interest in Cardano has surged amid a broader uptrend in the market that pushed Bitcoin’s price near the $100,000 mark. This rally helped fuel Cardano’s ADA token, which briefly breached the $1 mark for the first time since April 2022 and tripled its market cap.
However, the digital asset has fallen 11% in the past 24 hours to $0.93 at the time of writing, according to Crypto Slates facts.
Nevertheless, ADA remains a concern as the network sees a spike in new user addresses, reaching levels not seen since June 2023.
