Cardano blockchain creator Charles Hoskinson has a plan to create an “ecosystem of hybrid apps powered by DeFi-enabled Bitcoin”. He believes that adding a DeFi layer to Bitcoin will bring back its innovative edge. Hoskinson stated that it should be possible for users to spend bitcoin to make this happen.
He thinks that Cardano’s Babel fee mechanism, which allows transaction fees to be paid in assets other than ADA, could help with this integration. This feature will improve interoperability and simplify user transactions. This plan builds on Cardano’s recent integration with Bitcoin through BitcoinOS’s Grail Bridge.
This bridge unlocks liquidity between the two blockchain networks and introduces decentralized programmability to Bitcoin. It also aims to address infrastructure gaps needed for DeFi activities. BitcoinOS describes itself as both a bridge and a guiding framework for Bitcoin’s expansion into DeFi, GameFi, and smart contract applications.
Hoskinson’s announcement comes as activity on the Cardano network is growing. Retail interest in Cardano has surged over the past month, as the broader market uptrend pushed Bitcoin’s price near the $100,000 milestone. This rally helped fuel Cardano’s ADA token, which briefly crossed the $1 mark for the first time since April 2022 and tripled its market capitalization.
However, the digital asset has seen an 11% drop in the past 24 hours to $0.93 as of press time, according to CryptoSlate’s data. Despite this, ADA remains a focal point as the network sees a spike in new user addresses, reaching levels not seen since June 2023.
Source
<p>The post Cardano Founder Plans to Build an Ecosystem of Hybrid Apps Powered by DeFi-Enabled Bitcoin first appeared on CoinBuzzFeed.</p>
