Layer 2

Rootstock Bitcoin L2 eyes further Latin American expansion

Published

1 year ago

June 4, 2024

Talking at Cash 20/20 in Amsterdam, Ricardo Castro of Rootstock Labs highlighted the Bitcoin Layer-2 protocol’s concentrate on offering world entry to decentralized finance (DeFi), notably in rising markets.

Bitcoin (BTC) and Ethereum (ETH) are by far the 2 largest decentralized networks, every with distinctive strengths. BTC is understood for its sturdy safety requirements, whereas Ethereum’s blockchain emphasizes performance and value by means of sensible contracts.

For years, builders have tried to bridge the 2 ideas and create a community that may bootstrap decentralized monetary options on high of BTC’s blockchain. Rootstock Labs says it has achieved this, offering Latin American customers and crypto members generally with a safe, BTC-backed sensible contract platform.

In keeping with Castro, the protocol has over 2,000 BTC, value over $141 million, supporting the event and liquidity of DeFi for decentralized functions (dapps) on the layer 2 sidechain. The chain makes use of a local token referred to as RBTC, linked one-to-one to Bitcoin for transaction validation.

DefiLlama information additionally confirmed that there was a complete of greater than $203 million in worth on Rootstock, together with greater than $15 million in stablecoins. Castro instructed attendees that the corporate will proceed to assist innovation round Bitcoin’s sensible contact capabilities to bridge the hole between BTC and Ethereum choices.

The startup has a multi-million greenback pool for builders and has already offered greater than 100 grants up to now 12 months, the manager mentioned.