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Rootstock Bitcoin L2 aims for further expansion in Latin America
Speaking at Money 20/20 in Amsterdam, Ricardo Castro of Rootstock Labs highlighted the Bitcoin layer-2 protocol’s focus on providing global access to decentralized finance (DeFi), particularly in emerging markets.
Bitcoin (Bitcoin) and Ethereum (ET) are by far the two largest decentralized networks, each with unique strengths. BTC is renowned for its robust security standards, while the Ethereum blockchain emphasizes functionality and utility through smart contracts.
For years, developers have been trying to connect the two concepts and create a network capable of launching decentralized financial solutions on the BTC blockchain. Rootstock Labs claims to have achieved this by offering Latin American users and cryptocurrency participants in general a secure smart contract platform backed by BTC.
According to Castro, the protocol boasts over 2,000 BTC, worth over $141 million, supporting DeFi development and liquidity for decentralized applications (dapps) on the layer 2 sidechain. The chain uses a native token called RBTC , pegged one-to-one with Bitcoin for transaction validation.
Data from DefiLlama also confirmed a total value locked on Rootstock of over $203 million, including over $15 million in stablecoins. Castro told attendees the company will continue to support innovation Bitcoin smart contact functionality to bridge the gap between BTC and Ethereum offerings.
The startup has a multimillion-dollar prize pool for developers and has already made more than 100 grants in the last 12 months, according to the executive.
BTC L2 TVL rootstock | Source: DefilLama