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Cardano Becomes Bitcoin L2 via BitcoinOS Grail Bridge to Rival Ethereum and Solana in DeFi

Oct 28, 2024, 10:36 PM

Cardano is set to become a Bitcoin Layer 2 (L2) network through integration with Bitcoin via the BitcoinOS Grail Bridge, a zk-based bridge that aims to bring decentralized finance (DeFi) capabilities to the Bitcoin network using Cardano technology. Charles Hoskinson, founder of Cardano, envisions that this collaboration will position Bitcoin as a DeFi powerhouse, potentially channeling Bitcoin's $2.1 billion total value locked (TVL) into DeFi applications. Frederik Gregaard, CEO of the Cardano Foundation, stated that merging Cardano smart contracts with Bitcoin could "revolutionize the next generation of finance." The move is expected to intensify competition with Ethereum and Solana in the DeFi space.