Cardano founder Charles Hoskinson says the network will play a key role in Bitcoin DeFi transactions in the future. With several partnerships and innovations in the works, Hoskinson says Cardano is bracing itself to explore layer 2 solutions on the Bitcoin blockchain,<\/p>\n
Cardano Positions Itself For Bitcoin DeFi<\/h2>\n
In an interview<\/a> with Scott Melker, Cardano\u2019s founder has revealed ambitious plans for the network to turbocharge Bitcoin\u2019s adoption for DeFi applications. Hoskinson notes that large financial institutions will trigger a demand for Bitcoin DeFi given their fiduciary obligation to create yield.<\/p>\n He notes that a Bitcoin ETF providing DeFi yields will trigger shareholders to demand similar yields. Hoskinson eyes a three-year timeframe for institutions to plant their feet in Bitcoin DeFi and UTXO DeFi.<\/p>\n Hoskinson says Cardano will combine Hydra with the Bitcoin Lightning network and build a trustless recursive bridge between both networks. The founder adds that its Aiken programming language will enabled to write both Bitcoin and Cardano scripts.<\/p>\n Furthermore, a partnership with Maestro, an infrastructure provider allowing Bitcoin integration with UTXO-based blockchain will provide a \u201cturn-key experience\u201d for users.<\/p>\n \u201cIt\u2019s still early days but we are making methodical progress every step of the way,\u201d said Hoskinson.<\/p>\n Hoskinson is moving on from his absence from the Crypto Summit<\/a> at the White House, doubling down on technical innovation. He notes that the Bitcoin-focused plays by Cardano will not adversely affect the network\u2019s road map.<\/p>\n Hoskinson revealed in the interview that Bitcoin is ready for DeFi utility following the Taproot and the Lightning Network advancements. According to the founder, Taproot added programmability features to the Bitcoin network and Cardano will push the frontiers.<\/p>\n He adds that Cardano will enable Bitcoin users to engage in DeFi transactions while transacting with only BTC. Hoskinson says a merger between Bitcoin is enough to make Cardano\u2019s DeFi significantly larger than Ethereum and Solana combined.<\/p>\n While the integration will send Cardano price soaring, ADA wallows at $0,6611 after losing 10% in a week. However, traders are targeting an ADA pump in May<\/a> following the forming of a cyclical pattern.<\/p>\n An analyst argues that a price rally to $10<\/a> is not a crazy prediction given a streak of solid fundamentals and partnerships for Cardano.<\/p>\n \u00a0<\/p>\n \u2713 Share:<\/p>\nIs Bitcoin Ready For DeFi Applications?<\/h2>\n
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