TL;DR
- Rootstock, a $BTC sidechain launched in 2018, enhances programmability while ensuring security through merged mining and RBTC as its fee token.
- The platform has experienced over 107% growth in Total Value Locked (TVL), driven by the demand for $BTC-based DeFi applications and the onboarding of protocols like Uniswap and Sushi.
Rootstock is a $BTC sidechain launched by IOV Labs in January 2018, designed to introduce programmability to the $BTC network while maintaining its security. This sidechain operates parallel to $BTC, utilizing merged mining as its consensus mechanism and $RBTC as its fee token. Rootstock serves as a platform for various decentralized financial services, including lending, borrowing, and trading, with significant contributions from projects such as Money On Chain and Sovryn.
The technology behind Rootstock includes three key components: merged mining, Powpeg, and the Rootstock Virtual Machine (RVM). Merged mining enables miners to secure both $BTC and Rootstock simultaneously, enhancing efficiency and security. The Powpeg system facilitates the minting and burning of $RBTC, creating a secure bridge between $BTC and Rootstock. The RVM's compatibility with the Ethereum Virtual Machine (EVM) allows developers to deploy Ethereum smart contracts on Rootstock, broadening the range of applications that can be built on the $BTC network.
In the past year, Rootstock's Total Value Locked (TVL) surged by over 107%, from $77 million to $160 million, driven by increasing demand for $BTC-based DeFi applications. The onboarding of protocols like Uniswap and Sushi has contributed to this growth, along with the introduction of stablecoins such as Dollar on Chain (DoC) and the Sovryn Dollar (DLLR), which enhance the platform's offerings.
Looking ahead, Rootstock plans to implement several upgrades, including BitVMX, a trust-minimized bridge utilizing zero-knowledge proofs. Upcoming features like a Bitcoin Native Assets Bridge and enhancements to Powpeg are expected to streamline cross-chain transactions and improve overall network efficiency. As Rootstock continues to innovate, it solidifies its position as a significant player in the $BTC ecosystem.
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Rootstock: The Bitcoin Sidechain Revolutionizing DeFi and Smart Contracts
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