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The founder of Cardano launched the Bitcoin DeFi protocol Cardinal on Cardano.
Golden Finance reports that Cardano founder Charles Hoskinson has launched the first Bitcoin DeFi protocol Cardinal on Cardano. This protocol achieves non-custodial cross-chain through MuSig2 multi-signature technology, allowing users to directly use Bitcoin UTXO to participate in on-chain lending and staking operations on Cardano, while also being compatible with Ordinals inscriptions as collateral. The technical solution includes the BitVMX off-chain verification system and supports interaction with public chains such as Ethereum and Solana.