Minority Mindset

Smart investments

Crypto News

Decentralized Exchange SushiSwap Goes Live on Bitcoin Sidechain Rootstock

Jun 5, 2024
    Rootstock is one of the most established projects aiming to introduce DeFi features to the Bitcoin network.The ecosystem uses the RBTC token, which is pegged 1:1 with BTC.The integration comes around six months after Uniswap was deployed on the Bitcoin sidechain.
As an experienced analyst, I believe that Rootstock’s integration of SushiSwap is a significant step forward for the Bitcoin network. With Rootstock’s goal of combining the security of Bitcoin with the smart contract capabilities of Ethereum, this move brings us one step closer to realizing a fully decentralized finance (DeFi) ecosystem on the Bitcoin blockchain.As a researcher, I’m excited to share that SushiSwap, a popular decentralized exchange, has gone live on the Bitcoin (BTC) sidechain, Rootstock, as of Thursday. This expansion marks an important milestone for both projects and opens up new possibilities for users in the crypto space.
Introduced in 2018, Rootstock represents one of the pioneering efforts to integrate Decentralized Finance (DeFi) capabilities into the Bitcoin system. These functionalities, which are typically linked to networks such as Ethereum and BNB Chain, aim to expand Bitcoin’s financial capabilities in a decentralized manner.

This is described as the initial sidechain for Bitcoin that is compatible with the Ethereum Virtual Machine (EVM). The Ethereum Virtual Machine functions similarly to an operating system in a computer, enabling the execution of smart contracts within the Ethereum protocol.

As a crypto investor, I would describe it this way: I’m drawn to Rootstock because it aims to offer the best of both worlds. It intends to leverage the robust security of Bitcoin while incorporating the functionality of Ethereum’s smart contracts. This combination makes it an appealing choice for building and deploying decentralized applications (dApps).

The ecosystem uses the RBTC token, which is pegged 1:1 with BTC.

As a crypto investor, I’ve noticed that about half a year ago, Uniswap became available on the Bitcoin sidechain with the integration taking place. Initially, SushiSwap emerged as a spin-off from Uniswap.

As a crypto investor, I can tell you that the total value locked in Rootstock, as reported by DeFi Llama, is currently hovering above the $450 million mark.

As a researcher studying the Bitcoin network, I’ve noticed an uptick in new features being introduced since the beginning of 2023. Previously, these features were primarily associated with networks like Ethereum.

The foundation was laid with the Ordinals protocol, enabling the creation and storage of NFTs on Bitcoin. Since then, various projects have emerged, aiming to introduce smart contract functionality to Bitcoin, the leading blockchain.

Read More

2024-06-06 18:24