DeFi protocol pushing Bitcoin (BTC) boundaries in smart contract goes parabolic as the market rebounds
RSK infrastructure Framework is seeing a blowup in its price amid a market upsurge.
The DeFi on Bitcoin narrative is helping to fuel the growth of the RIF token.
Bitcoin (BTC) focused Decentralized Finance (DeFi) protocol RSK Infrastructure Framework (RIF) is seeing a massive upsurge today following the recovery of the broader digital currency ecosystem. With the combined crypto market cap jumping 3.54% to $1.18 trillion over the past 24 hours, RIF has bullishly tapped into the trend.
RIF is currently changing hands at a spot price of $0.1847, up by 3.62% over the past 24 hours and by more than 95% in the trailing 7-day period. Among the top altcoins showing a steep correlation with Bitcoin, RIF seems to be trending more as it is riding on the premise to bring smart contract capabilities to the world’s largest cryptocurrency network.
The emergence of the RSK Infrastructure Framework protocol marked an ambitious attempt by any project to propound the utilities of Bitcoin. The project was conceived by IOVLabs in 2019 and is currently based in Gibraltar. Since its inception, IOVLabs have been able to build one of the crypto ecosystem’s first Layer-3 networks on Bitcoin.
Layer-2 protocols are what is common and they generally tend to enhance the transaction speed on their base protocols by a very significant mile with transaction speeds also poised to go lower. Layer-3 is an even better improvement and it leverages the security and broad acceptance of the Bitcoin blockchain.
DeFi on Bitcoin, charting a new milestone
Bitcoin was designed by Satoshi Nakamoto to be a predominantly payment network, however, its usage over the years has grown beyond comprehension. Over the years, Bitcoin has now been considered a very viable hedge against inflation, competing with legacy assets like Gold amongst institutional investors.
MicroStrategy Incorporated, an American business intelligence and software firm has made its mark as one of the biggest proponents of Bitcoin and over the years, the company has accumulated more than 140,000 Bitcoin units. While these gestures are helping to push the boundaries of Bitcoin, a whole new dimension is being charted by IOVLabs.
The digital currency ecosystem has evolved a great deal over the past few years and the most versatile protocols are now marked by the nature of functionalities they brandish, through the DApps that are resident on them.
Bitcoin is not designed to accommodate smart contracts and RSK Infrastructure Framework is helping to bridge this deficiency with its technology. While RSK is not the only outfit pushing this milestone as Stacks (STX) is also doing the same, it is by far one of the few directly leveraging the security and decentralization of Bitcoin to chart its development.
The token has benefited from its alignment and business strategy since the start of the year. With its latest milestones, showcased by the growth in the DeFi TVL on the protocol, RIF has seen more than a 347% growth in the Year-to-Date (YTD) period. Should its operations expand over the years, it may soar much more in the near future.
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Filed under: Bitcoin - @ March 18, 2023 4:19 pm