At the end of October, the public chain Cardano announced the integration of Bitcoin Rollup protocol BitcoinOS and its transformation to Bitcoin L2, with the goal of releasing up to $1.3 trillion of Bitcoin liquidity for its ecosystem, allowing users to transfer Bitcoin to the Cardano ecosystem through BitcoinOS's Grail bridge without trust, and participate in diversified application activities such as decentralized finance (DeFi).
According to Cointelegraph, Cardano co-founder Charles Hoskinson pointed out in his personal YouTube live broadcast on Wednesday (11/27) that he believes that DeFi in the Bitcoin ecosystem has huge potential and will lead the entire crypto DeFi track in the future.
He predicts that the DeFi of the Bitcoin ecosystem will outshine the DeFi of all other crypto ecosystems, including Ethereum and Solana, within 2 to 3 years.
“DeFi in the Bitcoin ecosystem will surpass DeFi in all ecosystems in the cryptocurrency industry in 24 to 36 months, just because of scale and liquidity.”
As an early Bitcoin enthusiast, he has always criticized Bitcoin's technology for limiting the development of diverse application scenarios, so he later chose to develop his own L1 blockchain, Cardano. But with the rapid development of Bitcoin DeFi, he praised it in the film:
“Bitcoin went from a sleeping giant that would never wake up in its innovation coma to an awakened giant that is four times the size of Solana and Ethereum combined.”
Cardano founder: Bitcoin price could reach $250,000 to $500,000 in 1-2 years
Hoskinson is also optimistic that governments' plans to establish national strategic reserves of Bitcoin will become a huge catalyst for the value of Bitcoin. He boldly predicts that in the next 12 to 24 months, the price of Bitcoin will soar to $250,000 to $500,000.
I believe Bitcoin will surge to $250,000-$500,000 in the next 12-24 months due to the investment inflows and the huge interest that has already been generated.
This will translate into an ecosystem that will grow in value on par with gold. Simply put, Bitcoin is the store of value for the internet, and because it has a DeFi layer, it will continue to serve that role for the foreseeable future.
Cardano will enable DeFi mode for Bitcoin with one click
He also mentioned that Cardano will focus on participating in the DeFi of the Bitcoin ecosystem in the future. There is no need to trade WBTC and other packaged Bitcoins through centralized exchanges. Through the BitcoinOS Grail bridge integrated by Cardano,
Unlike wrapped versions of Bitcoin such as WBTC that rely on centralized custodians, through the BitcoinOS Grail bridge integrated by Cardano, Bitcoin users can transfer BTC to the Cardano ecosystem without the need for a trusted third party, and can securely transfer assets between chains.
Hoskinson pointed out that Cardano ultimately wants to allow users to seamlessly bridge Bitcoin to Cardano and own DeFi Bitcoin by simply clicking a button to "enable DeFi". This is a card that encapsulates Bitcoin at the bottom layer and can be used to participate in the Cardano DeFi ecosystem, trade on decentralized exchanges, use interest-bearing tools and conduct decentralized lending, and with just the click of a button, users' DeFi Bitcoin can be transferred back to the Bitcoin network.
Cardano: Will play a leading role in Bitcoin DeFi
Cardano previously expressed optimism about the demand for Bitcoin DeFi, and pointed out that there are currently more than 147,000 WBTC in circulation on Ethereum, with a total market value of approximately US$9.75 billion, while Cardano's DeFi ecosystem TVL is only approximately US$225 million, leaving huge room for growth.
Cardano is also optimistic that it will play a leading role in the era of Bitcoin's revival, and its native token ADA will also benefit from the increase. Whether it is participating in governance or Gas payment, the fundamental value of ADA will increase.
Riding on the overall crypto bull market ignited by Trump's victory, Cardano (ADA) has risen from $0.35 since the end of October to a high of $1.1 on the 23rd. At the time of writing, it is trading at $1.04, a surge of 190.7% in the past 30 days.
