With the expansion of decentralized finance (DeFi) around the world, we need to pay close attention to the total value locked on different networks. Despite the recent Bitcoin price drop, DeFi on Bitcoin continues growing. Indeed, the total Bitcoin (BTC) value locked on the RSK network has reached a new 1.445k BTC record.
DeFi on Bitcoin Expands
According to a recent press release published by IOVlabs, the RSK network has surpassed the lightning network (LN) in total value locked in BTC. At the moment the total value locked in BTC surpassed 1.445 BTC. This is one of the latest milestones of the RSK network that has brought a large number of individuals and investors to DeFi on top of Bitcoin.
The RSK Network is one of the fastest and developed smart contract platforms in the world. One of the main advantages is related to the fact that the network is secured by the Bitcoin network.
The decentralized finance market has been expanding throughout 2020 and also 2021. There are several projects offering solutions on top of the largest blockchain networks in the market, including Bitcoin, Ethereum (ETH) and also the Binance Smart Chain (BSC).
More than 259,000 transactions have been handled on the RSK smart contract platform. At the same time, there are more than 50,000 active accounts, which is in line with an all-time high of 72% hashing power in April. Furthermore, there has been a clear and noticeable growth of these networks in the last months.
These are very positive news for DeFi on Bitcoin. Although networks such as Ethereum and BSC are moving forward, Bitcoin shows that it is also able to scale through different projects building on top of it.
Anthony Pompliano Involvement
It is also worth taking into consideration that Anthony Pompliano, founder and partner at Morgan Creek Digital, has backed the Bitcoin-based decentralized trading and lending platform called Sovryn.
Sovryn was recently launched and started offering trading solutions on April 13 after securing $9 million from different investors. Sovryn has been built on top of the RSK network and it offers clients and users access to BTC lending and trading. Furthermore, users can also make different swaps with different currencies, including BTC, USDT and DOC, everything using the Sovryn platform.
Edan Yago, the co-founder of Sovryn, commented about this new milestone:
“Bitcoin is the center of gravity for the entire crypto economy. Layer 2 innovations will only increase its reach. When people think of Bitcoin Layer 2, most think of Lightning Network. Sidechains are a powerful complement to Lightning and are gaining remarkable user traction.”
It is worth pointing out that Bitcoin sidechains are helping the entire crypto and Bitcoin ecosystem to move forward. Indeed, while the Bitcoin network remains congested, layer 2 solutions are expanding.
Both the RSK Network and the Lightning Network (LN) are just some of the most successful examples of how Bitcoin’s security and network can be leveraged to offer financial solutions to users all around the world.
The RSK blockchain is now considered to be the most secure smart contract platform in the world. This has been achieved thanks to the hash power of the Bitcoin network through its merge-mining capabilities. Furthermore, the network offers near-instant payments and better scalability.