en.bitcoinsistemi.com
Cardano ($ADA) founder Charles Hoskinson has finally announced the innovation he has been talking about for a long time. Accordingly, Hoskinson announced the launch of Cardinal, the first Bitcoin DeFi protocol on the Cardano network.
Cardano has launched the Cardinal Protocol for Bitcoin ($BTC) DeFi. Cardano now enables $BTC lending, staking, and more without central custody and without the need for third-party custodians.
The Cardinal Protocol allows users to put their Bitcoin to work by lending, borrowing, or staking on the Cardano blockchain.
Cardinal is seen as a groundbreaking innovation for $BTC and $ADA, being the first solution to allow Bitcoin to access the Cardano ecosystem without requiring custody.
Finally, it was noted that Cardinal uses the secure MuSig2 multi-signature system. This method enables peg-in and peg-out transactions, 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 way. Future upgrades could include wallet support, zero-knowledge proofs, and deeper liquidity.
*This is not investment advice.