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Home DeFi Metaverse

rewrite this title Charles Hoskinson Introduces Cardinal, First Bitcoin DeFi Protocol On Cardano Network

Alisa Davidson by Alisa Davidson
June 10, 2025
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rewrite this title Charles Hoskinson Introduces Cardinal, First Bitcoin DeFi Protocol On Cardano Network
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rewrite this content using a minimum of 1000 words and keep HTML tags

by
Alisa Davidson


Published: June 10, 2025 at 3:01 am Updated: June 10, 2025 at 3:02 am

by Ana


Edited and fact-checked:
June 10, 2025 at 3:01 am

To improve your local-language experience, sometimes we employ an auto-translation plugin. Please note auto-translation may not be accurate, so read original article for precise information.

In Brief

Charles Hoskinson has introduced Cardinal, the first DeFi protocol for Bitcoin on Cardano, enabling the direct use of Bitcoin UTXOs for functions such as lending and staking on the Cardano blockchain.

Charles Hoskinson Introduces Cardinal, First Bitcoin DeFi Protocol On Cardano Network

Founder of the Cardano blockchain, Charles Hoskinson announced the introduction of Cardinal, the first decentralized finance (DeFi) protocol for Bitcoin on Cardano. The platform utilizes MuSig2 multi-signature cryptographic technology to provide non-custodial cross-chain operations, enabling the direct use of Bitcoin Unspent Transaction Outputs (UTXOs) for functions such as lending and staking on the Cardano blockchain. 

It includes support for Ordinals inscriptions to be used as collateral. Cardinal represents the initial method by which Bitcoin can interact with the Cardano network without involving third-party custody. The system works by wrapping Bitcoin UTXOs onto Cardano, where Bitcoin Ordinals are represented as Non-Fungible Tokens (NFTs). These wrapped UTXOs retain a strict one-to-one peg with the original Bitcoin and can be transferred similarly to native Cardano assets. Users have the ability to burn the wrapped tokens to retrieve the underlying Bitcoin on its original blockchain. This aims to enhance Bitcoin’s functional scope while exemplifying the potential for secure cross-chain integration of both fungible and non-fungible (NFT) digital assets, with implications for broader interoperability applications.

🧵1/ Introducing Cardinal Protocol 🟧

A new primitive for Bitcoin:→ Wrap any BTC UTXO→ Find DeFi yield with it: lending, staking, borrowing→ Trust-minimized (1-of-n honest operator)

We made history with the 1st cross-chain Ordinal wrap!

📜 https://t.co/DKT10LsrwA

— Romain Pellerin🇫🇷🇺🇸 (@rom1_pellerin) June 9, 2025

In order to maintain security and operational consistency in the absence of recursive state proofs on both Bitcoin and Cardano, the system is overseen by a group of operators responsible for enabling secure and efficient asset transfers across the two networks. This framework is governed by a trust-minimized protocol based on the assumption that at least one operator among many acts honestly. In contrast to conventional federated models that rely on an honest majority for security, this approach requires only a single trustworthy operator to safeguard asset integrity. Unlike other trust-minimized bridges for Bitcoin, the system does not rely on external liquidity providers, though such integration is technically possible. Instead, it employs an alternative mechanism for ownership transfer, allowing Bitcoin assets to be directly assigned to verifiable recipients. While the system is primarily described using NFT wrapping as an example, the underlying architecture is designed to accommodate the wrapping of general UTXOs. As a result, the model offers potential as a foundational component for a broader range of cross-chain applications, including the bridging of fungible tokens.

Perspectives: Advancing Toward A Fungible Token Bridge

As the Cardinal Protocol advances toward its initial production release, it introduces a range of possibilities within the blockchain landscape. Technologically, the planned incorporation of components such as BitVMX, Mithril, Aiken smart contracts, and Zero-Knowledge Proofs (ZKPs) suggests a framework capable of supporting complex cross-chain interactions while adhering to decentralized principles. Continued exploration into aspects such as scalability, operational stability, security, and performance efficiency will remain important as the system evolves. On an economic level, the protocol’s structure may serve as a reference point for the creation of other trust-minimized bridges across blockchain networks, contributing to greater connectivity and functional diversity in the broader digital asset environment. 

From the standpoint of end users, the capability to transfer assets between Bitcoin and Cardano without friction presents new avenues for engagement with decentralized services and marketplaces. Nonetheless, the development of intuitive user interfaces and accessible documentation will be necessary to encourage broader participation. In parallel, the legal and regulatory dimensions of cross-chain systems will require ongoing attention as these technologies continue to advance.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author


Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

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Alisa Davidson










Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.








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