Cardano to Serve as Bitcoins Smart Contract Layer Unlocking a 13 Trillion Market

Coin World News Report:
Cardano is set to achieve a major breakthrough in blockchain interoperability, aiming to unlock the $1.3 trillion Bitcoin market by becoming the smart contract layer of the Bitcoin network.
This will be achieved through a collaboration with the Bitcoin Operating System (BOS), a system that integrates smart contracts into the Bitcoin ecosystem. EMURGO, one of Cardano’s main development entities, revealed this in a statement.
The announcement was made following the disclosure at the 2024 Cardano Summit, emphasizing that Cardano will now provide liquidity for decentralized finance (DeFi) developers and assets without intermediaries.
The interesting part is that this collaboration will utilize the BOS Grail Bridge, a protocol that facilitates secure and trustless connections between Bitcoin and Cardano.
Based on zero-knowledge (ZK) BitSNARK verification system, this bridge ensures seamless integration of Bitcoin transactions and assets into the Cardano ecosystem. This means that developers on Cardano can now leverage the liquidity of Bitcoin.
BitcoinOS has been a pioneer in scalability and programmability on the Bitcoin network. It uses ZK proofs, allowing developers to embed data from other blockchains directly into Bitcoin transactions.
In May 2024, BOS verified the first ZK proof on Bitcoin, demonstrating that aggregation on Bitcoin is now possible, making headlines.
Cardano strengthens its position in the DeFi space by enabling Bitcoin assets to flow into its ecosystem without trust. Projects like Fluid Tokens will benefit from this, as users can now securely utilize Bitcoin assets through Cardano dApps.
The collaboration with BitcoinOS aims to enhance cross-chain interoperability. This marks a significant moment for Cardano as it becomes the first-layer blockchain to utilize BOS technology. This enables Cardano to integrate with Bitcoin without changing the core architecture of either chain.
Industry Reaction
Ken Kodama, Founder and CEO of EMURGO, noted that this partnership can strengthen Cardano’s ecosystem. Cardano will further drive innovation in decentralized finance by enabling users and developers direct access to the capital of Bitcoin.
Cardano’s environmentally friendly proof-of-stake network has already attracted over 1,370 Web3 projects, including several DeFi platforms. With this new development, the platform may see further growth as projects can integrate Bitcoin without third-party intermediaries.
Edan Yago, CEO and Co-Founder of BitcoinOS, emphasized that the integration with Cardano demonstrates the goals that Bitcoin can now achieve.
Sheldon Hunt, Head of EMURGO Cardano Ecosystem, highlighted the groundbreaking nature of this partnership in a post on X. He revealed that native, trustless interconnectivity will connect ADA and BTC, making Cardano the smart contract layer for Bitcoin.
Cardano and Bitcoin are bridging the gap.
Native, trustless interoperability will connect ADA and BTC, making Cardano the smart contract layer for Bitcoin.
Get ready. We are ready to change the game.