Hassan Maishera
Rootstock, announced on Friday, March 10th, that it had enhanced its DeFi environment for the Bitcoin ecosystem through seven new solutions, as well as taking further steps towards complete decentralization.
In a press release shared with Cryptowisser, Rootstock said it integrated with seven new protocols in February 2023, giving users more options to break away from constraints imposed by traditional finance.
Furthermore, the project removed the locking cap for the BTC/rBTC two-way peg. This implies that there are no more limitations on the amount of BTC that can be moved into Rootstock, and the entire supply of 21 million BTC can now be used to engage with a multitude of DeFi applications focused on saving, borrowing, staking, and lending services.
By leveraging BTC as its native coin, Rootstock represents the most appealing way to interact with Bitcoin-based smart contracts and DeFi apps. Moreover, its compatibility with the Ethereum Virtual Machine (EVM) ensures a familiar feel for developers who interacted with Solidity solutions before.
The new DeFi protocols integrated within the Rootstock ecosystem are;
- MyEtherWallet: Open-source wallet connecting users to the Ethereum network, with over 4 million visits per month to its web app. Added support for Rootstock and RNS (RIF Name Service) resolution
- BitOK: Portfolio tracker for crypto and NFTs, with over 5,000 users and $500 MM data in peer-to-peer transactions. BitOK has partnerships with two banks and nearly half a dozen major exchanges.
- Paydece: Fully decentralized non-KYC crypto to fiat swaps.
- Enkrypt: Integrated Rootstock into its web browser wallet to provide easier access to Rootstock's DeFi offerings.
- EMDX: Dual investment technology for RIF and BPro.
- Quidli: Send RBTC as rewards over Slack, Discord, or through any browser.
- Qredo Wallet: Self-custodial solution for RBTC, RIF, and other assets.
Furthermore, the project introduced a major network update via the launch of its RIF Flyover. The latest addition to the Rootstock Infrastructure Framework (RIF) open-source product suite, RIF Flyover, makes it faster and more trustless for users to engage with the Rootstock ecosystem.
The Flyover technology takes advantage of third-party liquidity providers, with the outstanding feature that the funds are never in the custody of these third-party actors during the transfer.
While commenting on this latest development, Rootstock Co-founder, Adrián Eidelman comments said;
“By removing the limit of 4,000 BTC to be moved onto Rootstock, we are opening up numerous possibilities for the growth of Rootstock and Bitcoin DeFi. The Rootstock ecosystem becomes more robust, and enables a larger user base to explore the vast opportunities present in the world’s most secure smart contracts ecosystem.”
Rootstock is a Bitcoin layer-2 sidechain that provides EVM-compatible smart contract functionality using bitcoin as the native asset. Rootstock is the most permissionless and censorship-resistant Bitcoin sidechain.
The network makes it possible for developers to create smart contracts and tokens within its ecosystem, leading to the emergence of new use cases, products, and services for Bitcoin users. These projects contribute to over $80 million in Total Value Locked on the network, with more than 3,500 BTC currently locked in the network.
