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Cardano founder Charles Hoskinson has made an unexpected Bitcoin statement. The Cardano founder says he has seen a particular narrative play out three times in more than 10 years following Bitcoin halving.
Hoskinson expresses his observation, saying that every Bitcoin L2 venture often learns the difficulty attributed to the fact that Bitcoin cannot change enough to support the elements essential for a vibrant L2 environment. As a comparison, he cites the example of Ethereum and Cardano, which are continuously upgrading to provide developers with more options for deploying effective, efficient, trustworthy and secure L2s.
The Cardano founder backs up his argument, citing the addition of BLS support to Cardano’s Plutus V3 as well as the Hydra and Mithril projects, which provide extensive commercial and technical requirements for Cardano to grow. Ethereum also features a thriving ecosystem of L2s, which are adequately represented on the roadmap for the main protocol.
Hoskinson believes that Bitcoin might not change or add any additional functionality, implying that it will be extremely difficult to achieve some things with Bitcoin L2s, which often require centralized, or federated, infrastructure to function.
The Cardano founder was reacting to a tweet by Muneeb, co-creator of Stacks, a Bitcoin layer 2, who shared a few thoughts from the Satoshi Round Table in Dubai, which had discussions about Bitcoin L2s, BitVM, peg security, Bitcoin DeFi and so on.
The Stacks co-creator shares his optimism about the growth of Bitcoin layer 2, saying that the $100 billion market cap seemed conservative given the potential of unleashing Bitcoin through programmable L2s.
Muneeb went on to say that with fresh developers and capital entering the market, Bitcoin L2s are likely to emerge fast as a top category in the next cycle. He expects three to five new L2s to launch within 6 months, followed by ten more in 12 to 18 months.