PANews reported on June 10 that according to Cryptotimes, Cardano founder Charles Hoskinson launched the first Bitcoin DeFi protocol Cardinal on Cardano. The protocol uses MuSig2 multi-signature technology to achieve non-custodial cross-chain, supporting users to directly use Bitcoin UTXO to participate in Cardano on-chain lending and staking operations, while 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.

Cardano CTO Romain Pellerin said that the protocol will integrate zero-knowledge proof technology to improve liquidity. This is the first solution that allows Bitcoin to access the Cardano ecosystem without custody, and users can trade Bitcoin assets through decentralized exchanges such as Minswap.