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Bitcoin Liquidity Could Flow to Cardano Ecosystem With New BTC Bridge
EMURGO, a founding entity of Cardano, will be among ecosystem buildings developing tools and services to attract the BTC capital.
Updated Oct 25, 2024, 7:50 a.m. Published Oct 25, 2024, 7:47 a.m.
Bitcoin rollup protocol BitcoinOS said its Grail bridge was going live for the Cardano network on Thursday, opening the floodgates for capital from Bitcoin flowing into the Cardano ecosystem.
EMURGO, a founding entity of Cardano, will be among ecosystem buildings developing tools and services to attract the BTC capital and, vice-versa, send ADA tokens to the Bitcoin network.
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BitcoinOS claims to be the first to have verified ZK proofs on Bitcoin in April, and its Grail bridge uses that security infrastructure to allow assets to flow between blockchains more securely.
“These bridges only require a single honest participant within a pool of potentially hundreds of operators (1-of-n) in a decentralized, dynamic, and permissionless operator set for your funds to remain secure,” BitcoinOS said in its release.
Bridges are blockchain-based tools that allow for the transfer of assets between different network where they aren’t originally supported. Zero-knowledge proof (ZKP) is a cryptographic protocol allowing one party to prove if a statement is true without revealing additional information.
Bridges are among the most attacked and vulnerable crypto tools despite their large importance in the ecosystem. A ZKP-based bridge, in theory, cuts down on those security fears.
At press time, ADA was exchanging hands at 34 cents, down 2.5% in the past 24 hours alongside a wider market drop.
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