Main navigation

Bitcoin-Based DeFi RSK Surpasses Lightning Network by TVL with This Release

News
Mon, 05/03/2021 - 17:00
article image
Vladislav Sopov
RSK Network, a pioneering Bitcoin-based smart-contract environment, accomplished crucial milestone: details
Bitcoin-Based DeFi RSK Surpasses Lightning Network by TVL with This Release
Cover image via stock.adobe.com
Read U.TODAY on
Google News
Contents

RSK Network will witness an impressive upsurge of Bitcoin (BTC) DeFi adoption once Sovryn protocol launches in mainnet. The product is backed by iconic Bitcoin (BTC) investor Anthony Pompliano.

RSK DeFi solution surpasses Lightning Network

The team of RSK Network, the first-ever full-stack decentralized financial ecosystem on the Bitcoin (BTC) network sees explosive growth in users' interest. The amount of total value locked in its smart contracts targets 1,500 Bitcoins (BTC).

RSK DeFi on Bitcoin (BTC) surpasses 1,500 BTC in TVL
Image via RSK

According to RSK Mainnet explorer, the number of accounts in the network broke above 50,000. Meanwhile, the net hashrate of RSK spiked 78 percent in April reflecting the increasing involvement of Bitcoin (BTC) miners.

Multiple RSK-based applications processed 260,000 transactions while the number of solutions that are working on top of it surged significantly over the last months.

Users of RSK-based applications leverage the RIF (RSK Infrastructure Framework) economy model that allows users to secure DeFi operations with an unparalleled Bitcoin (BTC) hashrate.

Sovryn Protocol (SOV) launches to bring decentralized trading and lending to Bitcoin (BTC)

The launch of Sovryn Protocol in April was yet another remarkable milestone for the success of RSK. This protocol is designed for the development of decentralized exchange platforms and lending/borrowing protocols on Bitcoin (BTC).

Sovryn is backed by a rock-solid investment background: it raised over $10 million from a group of investors led by Anthony "Pomp" Pompliano.

Sovryn co-founder Edan Yago foresees great prospects for his product highlighted by its uniqueness in Bitcoin's (BTC) Layer 2 scene:

Bitcoin is the center of gravity for the entire crypto economy. Layer 2 innovations will only increase its reach. When people think of Bitcoin Layer 2, most think of Lightning Network. Sidechains are a powerful complement to Lightning and are gaining remarkable user traction.

Now Sovryn supports basic DeFi operations with Bitcoin (BTC), the U.S. Dollar Tether (USDT) and native Bitcoin-based stablecoin "dollar on chain" (DoC).

article image
About the author

Blockchain Analyst & Writer with scientific background. 6+ years in IT-analytics, 3+ years in blockchain.

Worked in independent analysis as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)