Cardano Founder: New Collab to Propel BTC DeFi Beyond Solana, Ethereum

By José Oramas October 28, 2024 In Bitcoin, Cardano, DeFi, Web3
Cardano Ada coin laying on top of two bitcoin.
Source:AdobeStock
  • Cardano has officially integrated BitcoinOS (BOS), gaining access to Bitcoin’s US$1.3T capital pool without intermediaries.
  • EMURGO and BOS collaborated to bring Bitcoin’s scalability and programmability to Cardano’s DeFi ecosystem, enhancing the network’s capabilities and offering new windows of opportunities for developers and users alike.
  • The enhanced cross-chain capabilities will offer secure Bitcoin access to Cardano users, supporting a more interconnected Web3 environment.

Cardano (ADA) has become the first Layer-1 blockchain to integrate BitcoinOS (BOS), enabling it to tap into Bitcoin’s vast capital pool of US$1.3T (AU$1.97T) without third-party intermediaries. 

The collaboration, led by EMURGO—Cardano’s Web3 development arm—and by BOS, brings Bitcoin’s scalability and programmability to Cardano’s decentralised finance (DeFi) ecosystem.

The news comes a few days after CNA initially reported on the collaboration. 

Related: Despite ‘Trump Trade’ Jitters, Analysts Say On-Chain Metrics Bullish for Bitcoin, Likely Providing ‘Tailwind for Market’

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Bitcoin Education Project Relaunched

Charles Hoskinson, the co-founder of Cardano, announced he’d relaunch the Bitcoin Education Project in 2025 now that the BitcoinOS has been integrated into Cardano. He added that the development “will dwarf anything Solana and Ethereum have done”. 

Going back to the partnership, a key aspect is the integration of BOS’s Grail bridge into Cardano’s framework. 

This bridge, built on BOS’s BitSNARK verification protocol, uses zero-knowledge technology to allow secure, trustless BTC transfers to Cardano. Through this setup, DeFi applications on Cardano, like Fluid Tokens, can now incorporate BTC functionality, expanding the windows of opportunities for users.

EMURGO’s CEO, Ken Kodama, noted that the partnership will enhance Cardano’s cross-chain capabilities and provide its ecosystem with secure access to Bitcoin. 

This collaboration with BitcoinOS has the potential to unlock new cross-chain capabilities and further strengthen Cardano by granting Cardano users, projects, and developers secure, trustless access to the Bitcoin ecosystem. Supporting a more open and interconnected Web3 environment across different blockchains helps drive innovation and the adoption of DeFi and other decentralized solutions.

EMURGO’s CEO, Ken Kodama

ADA’s Price Outlook

Even after this news, the price of ADA is still reluctant to move. Data shows ADA has continued to face price challenges, trading below US$0.34 (AU$0.52) after losing over 16% in the past month, despite occasional hints of recovery (but nothing ever happens).

ADA monthly chart. Source: CoinGecko.

Related: Cardano Founder Charles Hoskinson Calls Ethereum Leadership a Dictatorship

All in all, the Cardano ecosystem has been very busy lately, pushing new updates and developments, and making headlines with new partnerships. Yet, ADA has only managed to increase by 14% year-to-date.

José Oramas
Author

José Oramas

José is a journalist and translator with a keen interest in blockchain and cryptocurrencies.

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