Rootstock, the first Bitcoin layer 2, and the safest smart contract platform in the world that is secured by the Bitcoin Network, has surpassed Lighting Network (LN) total value locked in Bitcoin (BTC), and now stands at 1,445 BTCs locked. The latest milestone is another sign of a strong appetite among users for the Decentralized Finance (DeFi) sector, which defined 2020 and has extended well into the current year.
Rootstock smart contracts platform had over 259,000 transactions, and 50,000 active accounts and reached an all-time high of 72% hashing power during April. The amount of solutions and integrations in the Rootstock defi ecosystem has experienced significant growth over the last couple of months.
This achievement is key for the RIF (Rootstock Infrastructure Framework) economy as Rootstock and Bitcoin are its foundation. RIF a suite of open and decentralized infrastructure protocols enables faster, easier, and scalable development of distributed applications within a unified environment. The surge of BTC locked on Rootstock paves the way for accelerating RIF economy growth.
Pomp Backed Sovryn Pushes Defi Adoption on Rootstock
One of the main factors driving the rise of user interest and TVL on Rootstock is the successful launch of Sovryn, the Anthony “Pomp” Pompliano backed Bitcoin-based decentralized trading and lending platform. Sovryn. Sovryn (SOV) trading commenced on April 13, the same day when Sovryn agreed to a $9 million investment from a consortium of partners.
Built on top of Rootstock Sovryn provides native and noncustodial trading and lending of BTC. Users can trade long or short with up to five times leverage and enable holders of BTC, USDT and the Dollar on Chain (DOC) stablecoin to earn interest by lending their assets. They can also take advantage of low-cost, low-slippage swaps between BTC, USDT, and DOC using the Sovryn decentralized exchange with automated market-makers.
“The launch of Sovryn, which provides native and noncustodial trading and lending of BTC, represents a major step forward for DeFi projects built on the Bitcoin blockchain. It has driven amazing growth on the Rootstock blockchain. We are very excited about the future of the platform which has proven to fulfill a need in the Defi space.”
Sovryn Co-Founder Edan Yago commented: “Bitcoin is the center of gravity for the entire crypto economy. Layer 2 innovations will only increase its reach. When people think of Bitcoin Layer 2, most think of Lightning Network. Sidechains are a powerful complement to Lightning and are gaining remarkable user traction.”
About Rootstock
Rootstock is the first, biggest, and longest lasting Bitcoin sidechain. It is the only Bitcoin layer 2 that combines the security of Bitcoin’s proof-of-work, with Ethereum’s smart contract capabilities.
Rootstock is open-source, EVM-compatible, and secured by over 60% of Bitcoin’s hashing power, which makes it a gateway to a vibrant ecosystem of dApps that continues to evolve to become fully trustless.
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About Sovryn
Sovryn is a Bitcoin-native financial operating system that allows people to utilize their Bitcoin in decentralized applications:
- Without having to part ways with it.
- Without having to touch a centralized entity.
- Without giving up financial privacy and sovereignty.
The Sovryn protocol provides an infrastructure using layer-2 technologies for the next generation of DeFi. In this new era:
- Bitcoin is the reserve asset.
- Bitcoin-backed stablecoins and sidechain technologies provide low fees and secure scalability.
- Sovryn provides the financial operating system that bridges blockchains, expands the level of decentralization, and keeps Bitcoin the sovereign money that it is – even when it’s put to use in financial applications.
- Sovryn brings DeFi to to Bitcoin and Bitcoin to DeFi
For more details about the Sovryn tech stack, its use cases, and the SOV token see the Sovryn Black Paper.
- Follow Sovryn on Twitter
- Join us on Discord
- See the Sovryn website for more details https://sovryn.app/