The Cardano "layer 2" was, as far as I remember, meant to use the
BitcoinOS/Grail bridge. According to their whitepaper it is a dynamic federation using ZK proofs to determine the validity of peg-ins and peg-outs.
From a first glance, I consider this one of the better bridge/sidechain models, however I haven't analyzed it in detail. If I see positive feedback on Bitcoin blogs for sure I'll analyze it. But for now I dislike the marketing language, technobabble and namedropping (of course, it had to begin with "Satoshi created Bitcoin in 2009 blah blah" ...) in the whitepaper and on their website, and several similar models have also been implemented already, in particular Nomic and Threshold Network's tBTC.
But in general I'm not opposed to use a "second tier" altcoin like Cardano as a Bitcoin sidechain; as Cardano sees low usage natively, it can potentially provide cheap "pegged Bitcoin" transactions. The big advantage is that these altcoins already have a proven staking mechanism and their security budget is high enough to lock/unlock some BTC worth of value on their chain.
The fundamental problems of PoS, which is still inferior to PoW, however remain. Thus, I'd like even more to see PoW altcoins like LTC, Doge, Dash or Ravencoin (Monero isn't suited due to its non-existing scripting capability) as Bitcoin sidechains.