Talking at Cash 20/20 in Amsterdam, Ricardo Castro of Rootstock Labs highlighted the main focus of the Bitcoin layer-2 protocol on offering international acess to decentralized finance (DeFi), significantly in rising markets.
Bitcoin (BTC) and Ethereum (ETH) are by far the 2 largest decentralized networks, every with distinctive strengths. BTC is rewnowned for its sturdy safety requirements, whereas Ethereum’s blockchain emphasizes performance and utility by sensible contracts.
For years, builders have tried to bridge the 2 ideas and create a community that may bootstrap decentralized finance options atop BTC’s blockchain. Rootstock Labs says it has achieved this, giving Latin American customers and crypto members at massive a safe BTC-backed sensible contract platform.
Based on Castro, the protocol boasts over 2,000 BTC, valued at over $141 million, backing DeFi growth and liquidity for decentralized functions (dapps) on the layer-2 aspect chain. The chain makes use of a local token referred to as RBTC, pegged one-to-one with Bitcoin for transaction validation.
DefiLlama information additionally confirmed greater than $203 million in whole worth locked on Rootstock, together with over $15 million in stablecoins. Castro informed attendees that the corporate will proceed to assist innovation round Bitcoin sensible contact capabilities to bridge the hole between BTC and Ethereum’s choices.
The startup has a multi-million pool prize for builders and already issued over 100 grants previously 12 months, per the exec.
