Summary
- Cardano (ADA) announced the launch of the Bitcoin DeFi protocol 'Cardinal'.
- Users can take out loans and participate in staking on the Cardano network through Bitcoin UTXO.
- CTO Romain Pellerin emphasized the system's safety by applying the trust-minimized model.
Cardano (ADA) has launched the Bitcoin (BTC) DeFi protocol 'Cardinal'.
Charles Hoskinson, founder of Cardano, announced on the 10th (local time) via X that he is launching a Bitcoin DeFi protocol developed for Cardano. The protocol, named 'Cardinal', is the first Bitcoin DeFi protocol on the Cardano network.
Specifically, users can take out loans or participate in staking on the Cardano network by utilizing Bitcoin's Unspent Transaction Output (UTXO). Romain Pellerin, Cardano's Chief Technology Officer (CTO), explained on X that a trust-minimized model has been applied, where the system remains secure as long as at least 1 out of n participants can be trusted.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul
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