Cardano Founder Charles Hoskinson Wants ‘Better’ for Bitcoin Ordinals

[ad_1]

The volume on Cardanos DEX exceeded $66 million in the last seven days. Charles Hoskinson suggested that the network could better accommodate Bitcoin ordinals.

gimbal [ADA] The volume of the decentralized exchange (DEX) of blockchains has increased by 60.6% in the last seven days. Indeed, an encouraging development, as the spike indicated an increase in liquidity and trading activity within the Proof-of-Stake (PoS) ecosystem.

Bring in more cash

According to DefiLlama, the surge in activity allowed the volume to reach $66.88 million within the aforementioned time frame. Over $7.94 million has come in the last 24 hours alone.

Source: DéfiLlama

While Cardano DEXs have seen an increase in trading, it is important to note that they primarily facilitate the trading of tokens built under the blockchain.

Recently, several meme coins have been linked to the network, causing Minswap’s trading volume to reach $6.91 million.

Another Cardano-based DEX that benefited from increased exchange activity and contributed to volume was Muesliswap, whose volume soared 167%.

DEXs are just one of many Cardano-based projects that contribute to its total value locked (TVL). But interestingly, loan protocols under the chain could also play their part. This led TVL projects to rise 15.30% over the past week.

TVL is a metric used to measure the total value of staked smart contract assets on a particular Defi platform.

Source: DefilLlama

When the TVL increases, it means investors have developed more trust in the blockchain. And this was the case with Cardano, as the increase in TVL improved the health of the protocols.

Hoskinson wants better for Ordinals

Despite the advancement, Charles Hoskinson, founder of Cardanos, seemed unhappy with the current hosting infrastructure.

In a surprise Ask Me Anything (AMA) session on YouTube, he pointed out that Bitcoin Ordinals would do much better on the Cardano ecosystem than where it was currently operating.

The digital artifacts that rose to prominence earlier this year received special attention. According to Dune Analytics, the total number of ordinal listings was about to hit 10 million.

Source: Dune Analysis

It is also worth mentioning that Bitcoin ordinals also led to the introduction of the BRC-20 token standard. This caused transaction delays on the Bitcoin network. But that seems to be a thing of the past, as the market capitalization of these tokens has fallen to $445.55 million.

If Cardano were to introduce such cross-chain capabilities in the future, it could potentially expand the range of assets that can be traded on its DEXs, including Bitcoin-based assets like Bitcoin Ordinals.

However, any integration of Bitcoin-related features on Cardano would require significant technical development and community consensus.

[ad_2]