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Cardano is making moves to become a hub for Bitcoin DeFi. According to Cardano founder Charles Hoskinson, the network has rolled out a string of upgrades, yet it still needs a strong message to win over users and investors. He argues that without a clear voice steering the story, those technical gains risk getting lost in the noise.
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Cardano’s team has added Leios, a new smart contract framework, and Hydra, a layer‑2 scaling solution that promises faster transactions. They’ve also launched the Midnight Glacier Drop, which aims to boost data privacy for on‑chain applications.
Based on reports, Minswap—the largest decentralized exchange on Cardano—is preparing to support Bitcoin, with plans to tap into a $2 trillion liquidity pool. At the same time, Lace Wallet is gaining traction among everyday users, and USDM, a stablecoin backed by dollar reserves, is picking up steam.
We got Leios, Hydra, Midnight, and Bitcoin DeFi alongside governance, security and decentralization. Bitcoin DeFi is indeed the largest opportunity, but the single biggest issue is that we are missing a competent Foundation and executive authority to push these narratives into… https://t.co/t3j4ULTTe8
— Charles Hoskinson (@IOHK_Charles) June 29, 2025
Hoskinson Points To Executive Gap
Despite those wins, Hoskinson says Cardano is missing a “competent Foundation and executive authority” to shape market views. He’s taken to X to share his concerns, but some in the community have pushed back hard.
A few podcasters and thought leaders have labeled Cardano a “dying chain.” Hoskinson admits that stepping into the narrative has drawn plenty of criticism—yet he feels it’s needed if Cardano is to claim its place in Bitcoin‑based finance.
Input Output Global’s Role
Input Output Global (IOG), Hoskinson’s company, will keep guiding Cardano as its core coordinator. He warns this work comes at a cost:
“It’s been brutal and expensive this year,” he said, referring to waves of negative comments and legal threats. He adds that it’s “dehumanizing” to be blamed for every hiccup on the network while not getting credit for the wins.
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Rare Evo Conference In Focus
Looking ahead, Hoskinson is counting on Rare Evo, a crypto conference, to reset the conversation. He believes the community will use that event to settle governance questions and update Cardano’s constitution with delegated executive powers.
There’s even talk of a sovereign wealth fund to back Bitcoin DeFi on the chain. Built on top of Bitcoin, Bitcoin DeFi (BTCFi) is a network of decentralized financial applications.
Last year, Hoskinson pushed a plan to convert $100 million worth of ADA into stablecoin liquidity. That idea sparked fierce debate. Now, he hopes Rare Evo will help turn bold ideas into solid support.
Cardano’s path forward may hinge on blending strong tech work with a clear, unified story. As Bitcoin DeFi edges closer, the project that can tell the best story might win the most attention—and the most funds.
Featured image from Unsplash, chart from TradingView
