Bitcoin Based DeFI Records Exponential Growth Led By RSK Network
Even though Ethereum has transformed into a prominent DeFi platform, a portion of investors continue to remain attached to Bitcoin. In this regard, RSK Network, a smart contract platform focused on Bitcoin is devoted to take a lead in this.
In the latest media release, the venture has affirmed that its Total Value Locked (TVL) has breached 1,445K BTC. The latest rally implies that it has breached Lightning Network (LN) which has TVL of 1,200K Bitcoins, as per DeFi pulse.
A major percentage of the growth was realized last month as the network posted 50,000 active accounts. Furthermore, there were 259,000 trades. With respect to the hashing power, the network established a record after a 72% increase last month.
In the past few months, the RSK network has recorded considerable advancement. Developments related to its framework have paved way for the platform to be easy, quicker and provide a method to step up to hit 100 transactions per second. The platform attained the features without compromising on security provided by Bitcoin. However, a main upgrade has led to the latest rally in RSK and TVL.
Sovryn has been constructed over RSK network, paving way for native and non-custodial trading and lending of Bitcoins. In addition to 5x Bitcoin leverage, holders of stablecoin USDT, BTC and the Dollar on Chain (DOC) stablecoin will receive interest upon lending their assets. The platform had a negative impact on top notch investors guided by Bitcoin advocate Anthony Pompliano.
stablecoin can earn interest by lending their assets. The platform has impressed an elite group of investors led by Bitcoin evangelist Anthony Pompliano. At the time of its launch, Pompliano was reportedly set to invest as much as invest 180 BTCs through his asset management firm, Pompliano Investments.
During that period, the market leader conveyed much more optimism about the venture, which he regarded as the beginning of a unique method i.e., decentralized investing. He opined
“You will see more proposal-based investment as the crypto industry deepens, with decentralized communities deciding on investments rather than traditional, centralized and founder-based decision-making.”
Since then there were news reports that Sovryn had accepted a $9 million strategic investment from a consortium of investors.
In the recent announcement, Sovryn Co-Founder Edan Yago has stated:
“The launch of Sovryn, which provides native and noncustodial trading and lending of BTC, represents a major step forward for DeFi projects built on the Bitcoin blockchain. It has driven amazing growth on the RSK blockchain. We are very excited about the future of the platform which has proven to fulfil a need in the Defi space.”
He further detailed that while several investors believe that Bitcoin Layer 2 has only one real-world use case that is Lightning Network, sidechains can be extremely supportive and they are receiving more importance in recent times. The increasing interest of investors on DeFi project indicates that they will play a crucial part in the future of Bitcoin.