The post Cardano’s new Bitcoin bridge – Enough to push ADA above $0.33? appeared on BitcoinEthereumNews.com.

Cardano formed a strategic partnership with BitcoinOS, enhancing its DeFi landscape Collaboration could be a crucial catalyst for an ADA breakout on the charts Recent discussions have centered around the potential expansion of Cardano’s [ADA] blockchain. Now, those conversations are taking a significant step forward.  In a significant development, EMURGO, the commercial arm of Input Output Global, has announced a partnership with BitcoinOS to establish a bridge connecting the Cardano and Bitcoin blockchains. Building on each project’s strengths As revealed on X (formerly Twitter), the BitcoinOS Grail Bridge will create a connection between the two blockchains, positioning Cardano as the first layer-1 network to integrate with the BOS infrastructure, thereby enhancing Bitcoin’s potential. While Bitcoin is a pioneering blockchain, it has limitations in smart contract capabilities, compared to newer protocols. In response, the bridge will enable liquidity flow between the two chains, allowing users to leverage both proof-of-work (PoW) and proof-of-stake (PoS) systems. On the other hand, Cardano has established itself as a leader in the DeFi space, boasting over 1,370 Web3 projects and nearly 100 million transactions processed on its network. This strong performance gives Cardano a distinct edge over its competitors, making it the ideal partner for this groundbreaking initiative. Impact on Cardano’s price action While October usually brings bullish momentum for cryptocurrencies, Cardano has struggled to keep pace with its competitors. Notably, Solana has emerged as a frontrunner, boasting weekly gains of over 10%. In this context, the recent launch of the BitcoinOS Grail bridge for Cardano is both timely and crucial. Especially for revitalizing ADA’s position in the market as it approaches its previous support line. With 80% of ADA stakeholders facing net losses following a month of consolidation, the buzz around this development may incentivize holders to seek high yields. Source : IntoTheBlock Interestingly, over the…

---

Filed under: News - @ October 26, 2024 8:08 am