Cryptocurrency News

Rootstock Unlocks Unlimited DeFi Opportunities for Bitcoin with 7 New Protocols

By March 10, 2023 No Comments
Rootstock Expands Bitcoin’s DeFi Functionality With New Solutions And Locking Cap Removal

Rootstock has removed the locking cap for the BTC/rBTC two-way peg, enabling users to transfer as many BTC as they want to the protocol for staking, saving, borrowing, and lending purposes.

The new protocols include Quidli, Enkrypt, BitOK, MyEtherWallet, Paydece, EMDX, and Qredo Wallet.

Rootstock developed solutions to bring DeFi to Bitcoin, the largest crypto blockchain, bringing 7 new protocols to the network last month. Using the world’s largest decentralized network so that people can bypass the restrictions of TradFi, the project has removed the locking cap for the BTC/rBTC two-way peg.

Rootstock paves the way for users to transfer as much BTC as they want to the protocol and use them for purposes such as staking, saving, borrowing, and lending. As the first layer 2 sidechains of the Bitcoin blockchain, the project maintains its security with more than half of Bitcoin’s hash power. In this way, Rootstock users who achieve decentralization, security, and high scalability can access various smart contract use cases by crossing the boundaries of the Bitcoin blockchain.

7 New DeFi Protocols

The Rootstock network has over $80 million in TVL, with over 3,500 BTC locked in the network. Using BTC as its native coin, the sidechain supports smart contract development and token creation on the Bitcoin blockchain as it is compatible with EVM. Rootstock has not experienced network interruptions while serving for more than 5 years; it continues to work with 100% uptime.

The Rootstock network hosting over 90,000 individual transactions in February 2023 alone is a sign that its user base continues growing.

Continuing to grow its community and TVL, this layer 2 projects continued its development in the bear market so that its users could access more opportunities. Rockstock, which has opened the way for unlimited BTC transfer to the protocol by removing the locking cap, lists the 7 new DeFi protocols that will join the ecosystem as follows:

Quidli: Allows sending RBTC rewards & donations via Discord, Slack, or any other app.

Enkrypt: Integrates Rootstock dApps into the wallet browser to simplify access to Rootstock’s DeFi offerings.

BitOK: Collaborating with nearly 50 exchanges and two banks, BitOK provides a portfolio tracker and analytics tool for NFTs and cryptocurrencies.

MyEtherWallet: Open source Web3 wallet added support for Rootstock and RNS solution.

Paydece: DApp that allows swapping crypto to fiat without needing KYC.

EMDX: Dual investment technology for BPro and RIF.

Qredo Wallet: Self-custodial wallet for RIF, RBTC, and other tokens.

Alongside integrating seven new protocols, Rootstock has added new tools for developers and builders. The Chaindrop integration allows developers to request test tokens to test smart contracts and dApps easily.

Thanks to the newly added RIF Flyover to the Rootstock Infrastructure Framework (RIF) open-source product suite, users can use the products of third-party liquidity providers more straightforwardly.

Rootstock Co-Founder Adrián Eidelman said following the developments:

“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.”