BlockBeats News, June 10th, Cardano founder Charles Hoskinson launched the first Bitcoin DeFi protocol, Cardinal, on Cardano. The protocol achieves non-custodial cross-chain capability through MuSig2 multi-signature technology, enabling users to directly participate in Cardano's on-chain lending and staking using Bitcoin UTXOs, while also supporting Ordinals scripture as collateral. The technical solution includes the BitVMX off-chain validation system and supports interaction with other blockchains such as Ethereum and Solana.
Cardano's Chief Technology Officer, Romain Pellerin, stated that the protocol will integrate zero-knowledge proof technology in the future to enhance liquidity. This is the first solution that allows Bitcoin to access the Cardano ecosystem without custody, enabling users to trade Bitcoin assets through decentralized exchanges like Minswap.
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