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#Spot Bitcoin ETFs Top 1.1M BTC #May CPI Incoming Cardano launched Cardinal, a key protocol aimed at connecting the vast liquidity of Bitcoin with the DeFi ecosystem of Cardano.
This initiative, highlighted by Cardano founder Charles Hoskinson and IOG CTO Roman Pelerin, marks their most direct step towards integrating Bitcoin.
Although it is already able to "wrap" Ordinals, Pelerin notes that the protocol is still not "production-ready," with improvements planned for version 1.0.
Cardinal allows Bitcoin holders to access DeFi services such as lending on Cardano, without relying on centralized bridges.
This is achieved through the secure "wrapping" of Bitcoin UTXO in one-to-one pegged tokens, allowing for full redemption.
The protocol utilizes a minimal trust model and MuSig2 for enhanced security, ensuring decentralization and protection against chain reorganization.
In addition, Cardinal integrates BitVMX, an offline computing system, for efficient and programmable interactions between the two blockchains. This move by Cardano promises to open up significant new opportunities for both BTC and the broader DeFi environment.