Why Cardano founder Hoskinson sees Bitcoin DeFi as the future

While Cardano, despite its long development time, has so far achieved only negligible on-chain activity, developers are increasingly focusing on expanding Bitcoin. Cardano co-founder Charles Hoskinson sees Bitcoin DeFi as the future, arguing that the laws of gravity will push Web 3 toward Bitcoin.

Despite its ambitious approach, Cardano has so far remained a niche player among DeFi blockchains. Even the focus on crypto culture by the memecoin sector, via its own memecoin launchpad Snek.Fun, hasn't achieved the same success as Solana. Moreover, other chains such as Bitcoin, Base, Binance Smart Chain, Ethereum, and Tron have remained trending in this space longer.

The weak performance is clearly reflected in the on-chain data, which leaves much to be desired for Cardano. The blockchain recently recorded 32,800 transactions per day, compared to 1.4 million for Ethereum and 106 million for Solana. This puts Cardano at just 2.34% and 0.031% of the two leading ecosystems, respectively. On-chain trading is similar, recording a volume of only USD 4.0 million, compared to USD 2.1 billion for Ethereum and USD 9.2 billion for Solana.

Cardano has now focused on the major macro trend of Bitcoin DeFi. Cardano co-founder Charles Hoskinson points out that BTC is still valued at more than four times the combined market capitalization of Ethereum and Solana. In his opinion, the laws of gravity are now pushing Web 3 toward Bitcoin. This is why he calls the blockchain a "sleeping monster."

Many other developers share a similar view. Since 2022, more and more of them have been working on expanding the Bitcoin ecosystem. Among other things, Inscriptions and BRC-20 tokens have enabled NFTs, cryptocurrencies, and simple games. Starting in 2024, Bitcoin Runes were added, representing an improvement. In addition, scaling solutions for Bitcoin have emerged, the most well-known of which is the Lightning Network.

Bitcoin Hyper is further developing the Bitcoin ecosystem with its Hyper Layer 2, enabling sophisticated applications within the ecosystem at lightning speed and with near-zero fees. Hyper Layer 2 uses the Solana Virtual Machine (SVM) for the new Bitcoin ecosystem. This can already process around 65,000 transactions per second (TPS). With the help of Firedancer, even more than 1 million TPS are expected to be possible. This represents a significant improvement over Bitcoin's 7 TPS.

The newly launched presale offers early access to invest in the future of the Bitcoin ecosystem. Nevertheless, the presale is making great progress, having already raised more than USD 700,000. Investors are also driven by the high staking yield of 1.027% per year, which, however, will decline in the near future as the number of stakers increases. The coin is still available for less than one day at a price of USD 0.0118.

Go directly to the Bitcoin Hyper website!

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