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Bitcoin’s DeFi Functionality Boosted Thanks to Rootstock’s New Features and Locking Limit Removal

Bitcoin's DeFi Functionality Boosted Thanks to Rootstock's New Features and Locking Limit Removal

Rootstock improved its DeFi environment for the Bitcoin ecosystem with seven new solutions and moved closer to full decentralization.

In February 2023, Rootstock integrated with seven additional protocols, providing consumers greater freedom from the limitations imposed by conventional finance.

Moreover, the BTC/rBTC two-way peg’s locking cap has been taken off. As a result, there are no longer any restrictions on the quantity of BTC that may be transferred into Rootstock, and the whole 21 million BTC supply can now be utilized to interact with a wide range of DeFi apps aimed at providing services for saving, borrowing, staking, and lending. One of the last remaining Rootstock network restrictions was the locking cap.

The first-ever Layer 2 sidechain for Bitcoin is the Rootstock blockchain. Around 50% of the hashing power of Bitcoin is used to protect this solid layer on top of the Bitcoin network. As a result of the ecosystem’s ability to create smart contracts and tokens, new applications, goods, and services for Bitcoin users have emerged. With more than 3,500 BTC already locked in the network, these projects contribute to nearly $80 million in Total Value Locked.

Rootstock is the most enticing method of interacting with Bitcoin-based smart contracts and DeFi applications since it uses Bitcoin as its foundation currency. Moreover, its interoperability with the Ethereum Virtual Machine (EVM) guarantees a comfortable experience for developers who have already worked with Solidity solutions. Also, Rootstock has seen zero downtime since its early 2018 introduction.

The most recent improvement to the steadily expanding Rootstock ecosystem is the addition of seven new decentralized financial protocols. The Rootstock ecosystem is improving despite the crypto winter by embracing new protocols, more users, and a constantly expanding market value. After the most recent upgrade, the locking limit has been removed, allowing an infinite amount of Bitcoins to be stored in Rootstock and utilized for DeFi protocols.

The Rootstock ecosystem now includes seven new DeFi protocols:

  • MyEtherWallet: With more than 4 million monthly visitors to its web app, it is an open-source wallet that connects users to the Ethereum network. Rootstock and RNS (RIF Name Service) resolution have been given further assistance.
  • BitOK: A cryptocurrency and NFT portfolio tracker with over 5,000 members and $500 MM in peer-to-peer transactions. Almost a half-dozen significant exchanges and two banks have ties with BitOK.
  • Paydece: Completely decentralized, non-KYC cryptocurrency to fiat swaps.
  • Enkrypt: To make Rootstock’s DeFi products more accessible, Rootstock was integrated into its web browser wallet.
  • EMDX: RIF and BPro dual investing technology.
  • Quidli: Deliver RBTC as incentives through Slack, Discord, or any browser using Quidli.
  • Qredo Wallet: Self-custodial solution for RBTC, RIF, and other assets.

Also, Rootstock developers and builders get access to additional tools. As a result of Rootstock’s integration with Chaindrop, which now supports testnets RBTC and RIF, developers now have an easy way to request testing tokens and learn more about the most popular Layer 2 sidechain for Bitcoin.

Additionally, the introduction of RIF Flyover provided Rootstock with a significant network upgrade lately. RIF Flyover, the most recent addition to the Rootstock Infrastructure Framework (RIF) open-source product family, gives consumers quicker and more reliable access to the Rootstock ecosystem. The notable aspect of Flyover technology’s use of third-party liquidity providers’ services is that throughout the transfer, the funds are never in their possession.

Co-founder of Rootstock, Adrián Eidelman, says:

“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.”

During the last several years, Rootstock has seen astounding overall development. More individuals will benefit from decentralized financial options rooted to the Bitcoin blockchain as a result of the expanded DeFi-oriented emphasis. A further sign of the network’s continued growth was the network’s over 90,000 individual transactions in February 2023.

A devoted content writer having 3 years of crypto trading experience. Loves cooking and swimming. Stays up to date with the latest developments on blockchain technology.