• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M
Cardano Introduces First Bitcoin DeFi Protocol — Cardinal

Cardano Introduces First Bitcoin DeFi Protocol — Cardinal

user avatar

by Giorgi Kostiuk

21 hours ago


The first-ever Bitcoin DeFi protocol, Cardinal, has been successfully launched on the Cardano platform. This initiative opens new opportunities for using BTC in decentralized finance.

Launch of Cardinal Protocol

Cardano founder Charles Hoskinson announced the launch of Cardinal on the social network X. In his words, "Welcome to the first Bitcoin DeFi protocol developed for Cardano."

Technology Behind Cardinal

The Cardinal protocol allows users to wrap any BTC UTXO and utilize it across various DeFi applications. The technology employed includes multisig wallets and hashed contracts that ensure the security of Bitcoin usage. According to Romain Pellerin's technical breakdown, users can redeem their BTC at any time using a fraud-proof exit process.

Benefits for Bitcoin Users

Cardinal offers new opportunities for Bitcoin holders, allowing them to use their assets in DeFi on Cardano. The protocol supports functionalities such as staking, lending, and NFT trading, all while retaining original ownership of the assets.

The launch of the Cardinal protocol marks a significant step in the development of DeFi on the Cardano platform. Not only does this protocol expand the use of Bitcoin in financial instruments, but it also ensures the security and transparency of transactions.

0

Share

Other news

Cryptocurrency Markets Under Pressure from Tariff Issues: Prospects and Implications

Tariff concerns impact cryptocurrency markets as discussions between the US and China continue.

user avatarGiorgi Kostiuk

11 hours ago

Qubetics, AAVE, and Cronos: Altcoins for Short-Term Investments

Exploring three altcoins – Qubetics, AAVE, and Cronos, which are gaining attention amid rising crypto funds.

user avatarGiorgi Kostiuk

11 hours ago

SAG-AFTRA and Game Companies: AI Protection Agreement

Video game performers SAG-AFTRA have reached an agreement with major companies that may end a year-long strike over AI threats.

user avatarGiorgi Kostiuk

11 hours ago

Comparing Pepe and Pepeto: Who Will Lead the Memecoin Market?

Pepe and Pepeto are emerging as leading players in the memecoin market with different strategies and opportunities for investors.

user avatarGiorgi Kostiuk

11 hours ago

Sports Prizes at the World Cup: How to Compete for 10 Million USDT

The 2025 World Cup offers athletes chances for prizes of up to 10 million USDT through various giveaways.

user avatarGiorgi Kostiuk

11 hours ago

Will Altcoins Rise as Bitcoin Dominance Declines?

Analysis: Bitcoin's declining dominance might fuel altcoin growth, particularly Ethereum.

user avatarGiorgi Kostiuk

11 hours ago

dapp expert logo
© 2020-2025. DappExpert. All rights reserved.
© 2020-2025. DappExpert. All rights reserved.

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.