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Cardano founder Charles Hoskinson has highlighted a venture that would increase the ADA ecosystem’s TVL and transaction volume.
He told Crypto Banter host Ran Neuner during a session at the Token2049 Singapore conference earlier this month that Bitcoin DeFi is the biggest play to revolutionize the Cardano ecosystem. Hoskinson fronted the trillion-dollar liquidity unlock as the best way to cover lost ground in the decentralized finance (DeFi) sector.
Bitcoin DeFi Key for Cardano
He admitted to Neuner, while settling their long-standing feud, that Cardano had fallen behind chains like Solana in DeFi, despite building a decentralized ecosystem with on-chain governance. Remarkably, he had confirmed this several times, but remains optimistic that Cardano would catch up.
XRP DeFi Plans Still On
Meanwhile, he also referenced the XRP ecosystem as a potential source of DeFi generation. Hoskinson noted that over $100 billion in XRP is currently circulating yield-free; hence, Cardano plans to leverage the untapped market.
The Cardano founder stated that if Cardano dabbles in emerging markets, such as real-world asset (RWA) tokenization, and combines it with Bitcoin and XRP DeFi, it could increase its total value locked (TVL) to between $10 billion and $15 billion, while also boosting transaction volumes.
Remarkably, at $15 billion, it will surpass Solana’s current $12.85 billion DeFi TVL if it remains unchanged, but still sits far below Ethereum’s $98 billion.
Recall that Hoskinson has boasted that Bitcoin DeFi would surpass those of Ethereum and Solana, and unlocking it places Cardano at a massive advantage. He has also shared that he would love to see XRP DeFi on Cardano, a push that some analysts believe would take ADA to $20.