In a series of Data On
Bitcoin DeFi Timeline on Cardano
“Bitcoin DeFi is a critical roadmap item that IOG will follow in 2025 with partners like Fair Gate Labs, community projects and wallets,” Hoskinson said. “I’ve given the team a goal of delivering a useful Bitcoin 2025 demo in May. It’s a tremendous amount of work.” “But the opportunity is there and it’s time to #AwakenTheSleepingGiant Bitcoin.”
The announcement sparked controversy regarding the future integration of BitcoinOS (BOS), a smart contract operating system designed to enhance Bitcoin’s interaction with DeFi platforms. On October 24, Emurgo, the blockchain trading arm, announced that it is integrating the BOS Grail bridge with Cardano in partnership with Grail developer, BTCOS.
Questioning Hoskinson’s announcement that Fair Gate Labs will implement a Bitcoin DeFi bridge, Angry Crypto Show (@angrycryptoshow) questioned the strategy: “Why don’t we build on the momentum we have with BitcoinOS, or support Sundial, etc.”
In response, Hoskinson emphasized Fair Gate Labs’ role, saying: “Fairgate invented the technology that BitcoinOS is based on and also does not require its own token. Bitcoin should only be used for cross-chain transactions.”
Community member J₳zzwhistlΣ (@jazzwhistle) has raised concerns about how the BitcoinOS bypass will impact ADA participation in the multi-chain BTC DeFi ecosystem.
Hoskinson addressed these concerns by highlighting the project’s broader interoperability: “We have a multi-chain ecosystem until midnight. It will connect to Ethereum, Solana, Avalanche,
Aidan Yago, founder of BitcoinOS, responded to Hoskinson’s reservations, saying: “BOS has no intention of abandoning Cardano. We are actively approaching creators to integrate BOS with Cardano. Why wouldn’t you want us to build on it?”
“Okay, solidify your connection to the ecosystem and release it as a native Cardano token,” Hoskinson responded by encouraging direct commitment to the ecosystem.
Yago welcomed the suggestion, indicating his willingness to explore the option: “I expect BOS will exist on Cardano. Would you like to help with that? BOS is a new type of recursive token, specifically designed to work with Bitcoin. I think it will be an interesting token on Cardano.” “
Integrating BitcoinOS and its BOS Grail bridge into the ADA ecosystem can enhance trustless and secure cross-chain transactions using zero-knowledge cryptography. This would allow access to Bitcoin liquidity through DeFi applications on Cardano, potentially expanding the ecosystem’s capabilities and user base.
At press time, ADA was trading at $1.01.
Featured image from YouTube, chart from TradingView.com
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