Presenting at Money 20/20 in Amsterdam, Ricardo Castro from Rootstock Labs emphasized the focus of the Bitcoin layer-2 protocol on providing universal access to decentralized finance (DeFi), especially in developing economies.
Bitcoin (BTC) and Ethereum (ETH) stand out as the top two decentralized networks, each with its own strengths. BTC is known for its high security standards, while Ethereum’s blockchain highlights functionality and utility through smart contracts.
Over the years, efforts have been made by developers to connect these two concepts and establish a network that can support decentralized finance solutions on top of BTC’s blockchain. Rootstock Labs claims to have achieved this goal, offering Latin American users and the broader crypto community a secure BTC-backed smart contract platform.
According to Castro, the protocol has over 2,000 BTC, valued at more than $141 million, supporting DeFi development and liquidity for decentralized applications (dapps) on the layer-2 side chain. The chain utilizes a native token called RBTC, pegged one-to-one with Bitcoin for transaction validation.
Data from DefiLlama also confirms that there is over $203 million in total value locked on Rootstock, including more than $15 million in stablecoins. Castro informed attendees that the company will continue to drive innovation around Bitcoin smart contract capabilities to bridge the gap between BTC and Ethereum offerings.
The startup has set up a multi-million dollar prize pool for developers and has already awarded over 100 grants in the last 12 months, according to the executive.
Rootstock BTC L2 TVL | Source: DefiLlama
To learn more, check out:
Hitting the iceberg’s tip: the untapped potential of Bitcoin DeFi | Opinion