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Defi on Bitcoin Soars as RSK Total Value Locked Crosses 1.445K BTC

  • RSK Network has surpassed Lighting Network with over 1,400 in TVL.
  • The rise in RSK based DeFi is partly due to the recently launched Sovryn DEX.
  • Sovryn launched in April with $9 million in funding.

Recently launched Decentralized Exchange (DEX), Sovryn, has helped Bitcoin layer-2 platform, RSK, surpass 1,400 BTC in total value locked (TVL).

To clarify, RSK has a current TVL of 1,445 BTC, over 259,000 smart contract transactions, and almost 50,000 active users. As a result, RSK Network exceeded fellow Bitcoin-based blockchain Lighting Network for the first time. In addition, the high value of TVL is proof of the growing demand for DeFi on the Bitcoin network.

Although the lion’s share of DeFi is on the Ethereum network, the emergence of BTC-based smart contract platforms provides needed diversification to the growing DeFi field.

Notably, RSK is able to facilitate almost instant payments, offering higher scalability with up to 100 transactions per second. Furthermore, RSK’s attained 72% hash power in April, making the blockchain one of the best L-2 platforms on the BTC network.

Moreso, the rise in locked BTC on RSK is driving the growth of the RSK Infrastructure Framework (RIF) economy. RIF is a suite of decentralized infrastructure protocols that enable the faster, easier, and scalable development of DApps. Of note, both RSK and BTC are foundations of the RIF economy.

In addition, Sovryn (SOV) has helped drive RSK usage and TVL since its inception on 13 April 2021. Sovryn is a decentralized exchange that provides native and noncustodial trading and lending of BTC. Also, the DEX offers short and long trades with the option to leverage trades up to 5 times. SOV users can also earn interest by lending their assets held on the platform.

Sovryn co-founder Edan Yago said,

Bitcoin is the center of gravity for the entire crypto economy. Layer 2 innovations will only increase its reach.

Additionally, Sovryn is backed by famous investor Anthony Pompliano and launched with a $9 million funding pool.

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Tina Mutare

Avid reader and writer with a passion for sharing crypto news and trends. Uses her background in finance to help readers better understand the crypto market and investments. Hopes to see mainstream crypto adoption in the near future, especially in Africa.

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