Cardano (Ada) founder Charles Hoskinson has finally announced the innovation that he has been talking about for a long time. Accordingly, Hoskinson announced the launch of Cardinal, the first Bitcoin Defi protocol on the Cardano network.
Cardano has launched the Cardinal protocol for Bitcoin (BTC) Defi. Cardano now makes BTC loans, bets and more without central detention and without the need for external preservators.
With the cardinal protocol, users can work their bitcoin by borrowing, borrowing or expanding on the Cardano -Blockchain.
Cardinal is seen as a pioneering innovation for BTC and ADA, because he is the first solution to give Bitcoin access to the Cardano ecosystem without the need for custody.
Finally, it was noted that Cardinal uses the Secure Musig2 Multi-Signing System. This method makes PEG-in and PEG-out transactions possible, keeps everything open and verifiable and is also compatible with the Ethereum (ETH), Solana (SOL) and Avalanche (AVAX) networks.
Cardano Cto Romain Pellerin said that Cardinal protocol is a big step forward and that there are some new innovations on the road. Future upgrades can be wallet support, zero knowledge and deeper liquidity.
*This is not investment advice.
