Hoskinson Says Pogan Was Built to Connect Bitcoin DeFi With Cardano Treasury

Charles Hoskinson said during a live X Space that Pogan, a Cardano related Bitcoin DeFi initiative, was originally designed to connect external Bitcoin liquidity with Cardano’s treasury strategy. According to Hoskinson, the proposal was taken to the treasury but did not pass, changing how the project’s economic connection to Cardano governance would operate.

The comments clarified a specific part of Cardano’s commercial roadmap. Pogan was described as a structure intended to create yield from Bitcoin based activity, route that activity through noncustodial infrastructure and share part of the resulting value with the Cardano ecosystem.

Pogan Was Designed as a Bitcoin DeFi Revenue Route

Hoskinson said Pogan was intended to create a direct financial connection between Bitcoin DeFi and the Cardano treasury. In his explanation, the model would allow Bitcoin holders to use products where Bitcoin could be lent against stablecoin liquidity, with the stablecoin then deployed into yield bearing assets.

The yield generated by that structure would be converted back into Bitcoin, allowing users to receive Bitcoin denominated returns. Hoskinson said the team had built technology to facilitate that model and viewed it as a way to bring large amounts of Bitcoin liquidity into noncustodial DeFi structures.

The treasury component was a separate part of the design. Hoskinson said the plan was to share a portion of the revenue with the Cardano ecosystem, including a mechanism that could support buying ADA and growing the ecosystem. That treasury linked proposal did not pass.

Treasury Vote Changed the Economic Link to Cardano

Hoskinson said the outcome of the treasury process changed the relationship between Pogan’s Bitcoin DeFi activity and Cardano’s ecosystem funding. He said the work continues, but the use of those bridges no longer sends value to the Cardano treasury under the original model.

That distinction defines the current position of Pogan. The Bitcoin DeFi direction remains active, but the treasury aligned revenue mechanism described by Hoskinson is not part of the approved funding path.

The discussion also addressed speculation around Strategy. Hoskinson said there is no current partnership or deal with Strategy, adding that any Bitcoin yield product tied to such an entity would need to fit within its legal and prospectus requirements.

Pogan Remains Part of a Wider Cardano Commercial Roadmap

Hoskinson placed Pogan alongside other commercial products moving through Cardano related development. He said RealFi has been spun out as a foundation and is moving closer to going live, while Pogan is behind RealFi but still expected this year. He also referred to progress around Midnight and Midnight City.

That places Pogan inside a wider product strategy rather than only a treasury proposal. RealFi is connected to real world finance infrastructure, Midnight to privacy focused infrastructure and partner chain development, and Pogan to Bitcoin DeFi connectivity.

The update leaves Pogan with a defined but changed role. The project’s Bitcoin DeFi work continues, while the original plan to route part of that activity into Cardano treasury growth did not pass through governance. The result separates the commercial development path from the treasury revenue model that Hoskinson said had been proposed.