Defi on Bitcoin Soars as RSK Total Value Locked Crosses 1.445K BTC
source link: https://www.investing.com/news/cryptocurrency-news/defi-on-bitcoin-soars-as-rsk-total-value-locked-crosses-1445k-btc-2493208
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Defi on Bitcoin Soars as RSK Total Value Locked Crosses 1.445K BTC
© Reuters. 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 scalabilit...
This article was first published on coinquora.com
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