Rootstock Bitcoin L2 sets sights on expanding further in Latin America at Money20/20
During his speech at Money 20/20 in Amsterdam, Ricardo Castro of Rootstock Labs emphasized the Bitcoin layer-2 protocol’s focus on providing decentralized finance (DeFi) access on a global scale, especially in emerging markets.
Bitcoin (BTC) and Ethereum (ETH) are the two largest decentralized networks, each with their own unique strengths. BTC is well-known for its strong security standards, while Ethereum’s blockchain prioritizes functionality and utility through smart contracts.
For a long time, developers have been attempting to bridge these two concepts and create a network that can support decentralized finance solutions on top of BTC’s blockchain. Rootstock Labs claims to have achieved this by offering Latin American users and the wider crypto community a secure BTC-backed smart contract platform.
According to Castro, the protocol currently has over 2,000 BTC, valued at more than $141 million, supporting DeFi development and providing liquidity for decentralized applications (dapps) on the layer-2 side chain. This side chain utilizes a native token called RBTC, which is 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 plans to continue supporting innovation in Bitcoin’s smart contract capabilities in order to bridge the gap between BTC and Ethereum’s offerings.
Moreover, Rootstock Labs has established a multi-million dollar prize pool for developers and has already granted over 100 awards in the past year, according to the executive.
In conclusion, Rootstock Labs is making significant strides in enabling DeFi access through the Bitcoin layer-2 protocol, providing a secure and robust platform for users and developers alike.
