Cardano Network Integrates Into Bitcoin, What This Means?
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The Cardano network has joined the Bitcoin ecosystem following the “groundbreaking” integration of the former as a BitcoinOS Grail bridge. This move is significant as it will help scale the largest blockchain by market cap and unleash “decentralized programmability” on the network. Cardano Network Integrates Into Bitcoin In an X post, BitcoinOS (BOS) announced Cardano’s integration into the BOS Grail bridge. This makes Cardano the first top layer-1 blockchain to be part of the BOS infrastructure, opening up the network’s ecosystem to the immense liquidity on the Bitcoin network. The Bitcoin network is known for lacking cutting-edge technology for decentralized finance (DeFi) activities, so others, like the Cardano network, continue to witness the most activity despite most of the volume being on Bitcoin. However, BOS noted that this move will help bridge the gap between Bitcoin and the rest of crypto and create a “digital ecosystem of value that is greater than the sum of its parts.”As mentioned in the announcement, EMURGO, the founding entity of the Cardano network, has partnered with BOS to enhance liquidity through the Grail Bridge. This will enable trustless bridging of BTC and other Bitcoin assets. The Grail Bridge uses zero-knowledge cryptography to enable users to move their assets securely between the Bitcoin network and rollups on the network, which essentially serves as layer-2 networks. Cardano Founder Charles Hoskinson commented on the move in an X post, saying, “Welcome home, Bitcoin.” This comes just days after the Cardano Founder said his network will flip Bitcoin and Ethereum twenty years from now. The Significance Of This Move For The ADA Price In an X post, ADA analyst Dan Gambardello commented on the significance of this move for the ADA price. He suggested that the timing of this announcement is “so good” for the crypto, especially considering…
Filed under: News - @ October 25, 2024 2:29 am