Rootstock removed the two-way BTC/rBTC peg lock cap, allowing users to transfer as much BTC as they wish to the protocol for staking, saving, borrowing, and lending purposes.
New protocols include Quidli, Enkrypt, BitOK, MyEtherWallet, Paydece, EMDX, and Qredo Wallet.
Rootstock has developed solutions to bring DeFi to Bitcoin, the largest crypto blockchain, bringing 7 new protocols to the network last month. Using the largest decentralized network in the world so people can bypass TradFi restrictions, the project has removed the BTC/rBTC two-way ankle lock cap.
Rootstock paves the way for users to transfer as much BTC as they want to the protocol and use it 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 the hashing power of Bitcoin. In this way, Rootstock users who achieve decentralization, security, and high scalability can access various smart contract use cases by breaking through 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. By using BTC as a native coin, the sidechain supports the development of smart contracts and the creation of tokens on the Bitcoin blockchain as it is compatible with EVM. Rootstock has had no network outages in service for over 5 years; it continues to operate with 100% uptime.
The Rootstock network hosting over 90,000 individual transactions in February 2023 alone is a sign that its user base continues to grow.
Continuing to grow its community and TVL, this layer 2 project continued its development in the bear market so that its users could access more opportunities. Rockstock, which paved the way for unlimited transfer of BTC to the protocol by removing the lock cap, lists the 7 new DeFi protocols that will join the ecosystem as follows:
Quidli: Allows sending RBTC rewards and donations via Discord, Slack or any other app.
Encrypt: Integrates Rootstock dApps into the wallet browser to simplify access to Rootstock’s DeFi offerings.
OK-bit: Working with nearly 50 exchanges and two banks, BitOK provides portfolio tracking and analysis tool for NFTs and cryptocurrencies.
MyEtherWallet: The open source Web3 wallet has added support for Rootstock and RNS solution.
Paydece: DApp that allows to exchange crypto to fiat without the need for KYC.
EMDX: Dual investment technology for BPro and RIF.
Qredo Wallet: Self-custodian wallet for RIF, RBTC and other tokens.
In addition to integrating seven new protocols, Rootstock has added new tools for developers and builders. THE Chaindrop The integration allows developers to request test tokens to easily test smart contracts and dApps.
Thanks to the new Overview of the RIF as a result of open source Rootstock Infrastructure Framework (RIF) products, users can more easily use products from third-party liquidity providers.
Rootstock co-founder Adrián Eidelman said following the developments:
“By removing the 4,000 BTC limit to be moved to Rootstock, we are opening up many possibilities for the growth of Rootstock and Bitcoin DeFi.”
Adnan is a crypto enthusiast who always keeps an eye on the latest developments in the crypto ecosystem. He is an environmental engineer working on his MBA and has been following FinTech innovations for several years. Adnan produces written content to review crypto projects and support the crypto community.
