Hoskinson Reveals Cardano’s Future as a Multichain Ecosystem with Midnight Integration
Cardano’s Charles Hoskinson has disclosed in a recent community engagement that the Cardano ecosystem could become sharper and stronger with the upcoming Midnight launch. Hoskinson has also disclosed that...
- Cardano’s Charles Hoskinson has disclosed in a recent community engagement that the Cardano ecosystem could become sharper and stronger with the upcoming Midnight launch.
- Hoskinson has also disclosed that Cardano could make use of liquidity from other chains once BitcoinOS pulls out during the integration.
In a recent engagement with the Cardano community, co-founder Charles Hoskinson reiterated that the much anticipated mainnet launch of Midnight could significantly transform the ecosystem and sharpen its technical prowess. Briefly explaining some of the expected changes, Hoskinson highlighted that Cardano (ADA) would become a multi-chain network. This implies that there could be a direct connection with other chains, including Ethereum and Solana.
How it Started
Delving into this discussion, we observed that a user questioned Hoskinson on the partnerships with BitcoinOS (BOS) and the deployment of decentralized finance (DeFi) on the Bitcoin network. Hoskinson disclosed that the Input Output Global’s (IOG) core would primarily focus on building Decentralized Finance (DeFi) on the Bitcoin network. According to him, this goal would be pursued with Fairgate Labs.
Bitcoin DeFi is a mission-critical road map item that IOG will be pursuing in 2025 with partners like @FairGateLabs and community projects and wallets. I’ve given the team a goal of a meaningful demo by Bitcoin 2025 in May. It’s an enormous amount of work, but the opportunity is…— Charles Hoskinson (@IOHK_Charles) December 10, 2024
In the comment section, a user questioned why IOG would not embark on this development with BitcoinOS. In response, Hoskinson disclosed that Fairgate developed the technology on which BitcoinOS was built. Additionally, he clarified that the project would not introduce a native token. On the positive side, the Cardano ecosystem would be able to make use of the liquidity from the other chains once BitcoinOS leaves the network during the integration.
We have a multichain ecosystem through midnight. It will connect to Ethereum, Solana, avalanche, XRP, and many others. All we would gain is diluting liquidity as BOS ditches us for the chain of the week during integration.
Responding to these comments, BitcoinOS founder Edan Yoga assured Hoskinson that BOS would not ditch the network. According to him, they are currently engaging with builders to get BOS integrated into Cardano.
Previous Partnership Network EMURGO and BitcoinOS
A couple of months ago, one of the major developers of Cardano, EMURGO, announced a collaboration with BitcoinOS to ensure that Bitcoin liquidity worth $1.3 trillion is unlocked for the network. As indicated earlier, the first technical collaboration was meant to see the BOS Grail bridge integrated into Cardano’s open-source blockchain ecosystem.
According to Ken Kodama, founder and CEO of EMURGO, this partnership will unlock new cross-chain capabilities and strengthen the Cardano ecosystem.
This collaboration with BitcoinOS has the potential to unlock new cross-chain capabilities and further strengthen Cardano by granting Cardano users, projects, and developers secure, trustless access to the Bitcoin ecosystem. Supporting a more open and interconnected Web3 environment across different blockchains helps drive innovation and the adoption of DeFi and other decentralized solutions.
In addition, Edan Yago, CEO and Co-founder of BitcoinOS, has disclosed that BOS has consistently accelerated Bitcoin’s scaling via cutting-edge solutions.
We are thrilled to reach this milestone with near-trustless BTC in one of the most distributed blockchains in the industry. BOS has consistently accelerated Bitcoin scaling through a full-fledged solution for dApps and L2s using the guarantees of zero-knowledge cryptography. We have changed what is fundamentally possible with Bitcoin and now we are also driving exponential growth to other ecosystems. Working with EMURGO to unlock the full potential of the Cardano ecosystem is a major testament to what BOS can do for the industry, beyond just Bitcoin.
At press time, ADA was trading at $1.07 after surging by 9% in the last 24 hours.
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