- Cardano founder Charles Hoskinson is pushing for the integration of XRP and Bitcoin DeFi into the Cardano ecosystem, aiming to unlock over $140 billion in value.
- He believes this cross-chain synergy could significantly boost Cardano’s growth and reshape the DeFi landscape.
Numerous prominent figures in the crypto space have championed the DeFi sector’s growth. Now Cradno’s founder Charles Hoskinson has joined the alliance doubling down on his vision to revolutionize this sector which has surpassed 60 billion in TVL.
Hoskinson envisions a strong integration of both Bitcoin and XRP into the Cardano ecosystem.
In a recent interview with Bitcoin.com’s Frederick Munanwa, Hoskinson revealed his ambitious plan to onboard XRP DeFi onto the project, describing it as a multi-billion-dollar opportunity that could unlock over $140 billion in value for the layer 1 blockchain.
Hoskinson has long teased Cardano’s initiative to enable DeFi capabilities on the Bitcoin network. However, the inclusion of XRP marks a new frontier for Cardano’s cross-chain ambitions.
He highlighted that bringing smart contract functionalities to both Bitcoin and XRP would not only expand Cardano’s utility but also tap into vast, untapped pools of liquidity.
XRP DeFi: Cardano’s New Strategic Partner?
tHe project’s relationship with the XRP ecosystem has taken a surprising turn in recent months. After years of friction, Hoskinson and Ripple, the leading entity behind the XRP Ledger, appear to be forging a strategic alliance.
Hoskinson emphasized his intent to enhance the XRP Ledger with smart contract capabilities, something the XRP network has historically lacked.
According to the Cardano founder, integrating XRP DeFi onto Cardano would bridge crucial gaps in functionality. He envisions a world where DeFi primitives like lending, borrowing, and decentralized trading can be performed with XRP through a computational layer added by Cardano developers.
This synergy, he argues, would significantly boost Cardano’s total value locked (TVL) and increase its transaction volume across the board.
Bitcoin DeFi: A $300 Billion Opportunity?
Hoskinson’s vision doesn’t stop with XRP. He remains bullish on the future of Bitcoin DeFi, suggesting that it could be worth four times the combined DeFi markets of Ethereum and Solana. As of now, the combined TVL of those two networks sits at approximately $73.5 billion, implying a potential market size exceeding $290 billion for Bitcoin DeFi.
The project is strategically positioned to capture this value, thanks to its use of the same UTXO (Unspent Transaction Output) model as Bitcoin. This compatibility gives Cardano a technical edge in bridging DeFi functionalities to Bitcoin, which has traditionally lagged behind in smart contract adoption.
A Bold Vision for ADA
Hoskinson’s grand vision for integrating XRP and Bitcoin DeFi has caught the attention of market analysts. Altcoin Oracle, a prominent ADA Drep (delegated representative), speculated that ADA could surge to $20 if Cardano becomes the go-to platform for Bitcoin DeFi. While speculative, such predictions highlight the enormous market enthusiasm surrounding Cardano’s latest strategic direction.
Meanwhile, Cardano’s native token is swapping hands with $0.7573 after a 1.51% decline in the past 24 hours.