Sovryn

2024

Bitcoin

DeFi

<h4><strong>Bitcoin layer 2s are one of the hottest crypto trends in 2024, and for good reason. These layer 2 guys bring scalability and versatility to Bitcoin. They offer features beyond simple transactions.</strong></h4> 
<p>One of the most notable Bitcoin layer 2s is Rootstock. Rootstock offers powerful solutions for DeFi, smart contracts, and more—all while being directly tied to the security of Bitcoin. Let’s talk about them in detail.</p> 
<h5><strong>What is Rootstock?</strong></h5> 
<p>Rootstock is a Bitcoin sidechain. This simply means it’s a blockchain that works alongside Bitcoin. Think of it as an extra layer that provides more features, like smart contracts, while still staying close to the Bitcoin network. Why is Rootstock important for Bitcoin? It offers the best of both worlds to Bitcoin users, allowing them to enjoy Bitcoin’s top security. And the flexibility to build more complex apps. Think of Rootstock as DeFi built on Bitcoin.</p> 
<p><img decoding="async" class="alignnone size-full wp-image-150820" src="https://www.altcoinbuzz.io/wp-content/uploads/2024/09/Rootstock-1.png" alt="" width="870" height="239" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2024/09/Rootstock-1.png 870w, https://www.altcoinbuzz.io/wp-content/uploads/2024/09/Rootstock-1-300x82.png 300w, https://www.altcoinbuzz.io/wp-content/uploads/2024/09/Rootstock-1-768x211.png 768w, https://www.altcoinbuzz.io/wp-content/uploads/2024/09/Rootstock-1-696x191.png 696w" sizes="(max-width: 870px) 100vw, 870px"></p> 
<p>How does Rootstock work? It uses a feature known as a “2-way peg” to connect with Bitcoin. Let’s explain this most simply. The 2-way peg (also known as powpeg) means you can move Bitcoin over to Rootstock and use it there without losing any of the value or security. When you want to bring your Bitcoin back to the main Bitcoin network, you can do that, too—like exchanging tokens between two wallets. The Rootstock version of Bitcoin is called $RBTC. It’s the token that powers the Rootstock network. With it, you can interact with smart contracts and other services. This 2-way peg system enables Rootstock users to access DeFi tools while anchoring on Bitcoin’s security.</p> 
<p>We have an introductory article on Rootstock. There, we highlight some of its core features and services. You can check <a href="https://www.altcoinbuzz.io/product-release/what-is-rootstock/" target="_blank" rel="noopener">that</a> to get up to speed with this project.</p> 
<h5><strong>What else makes Rootstock different?</strong></h5> 
<p>Rootstock uses a feature known as merged mining with Bitcoin. This feature allows miners to mine two cryptos at the same time. The best part? It does not require extra computing power. This ensures efficiency and also helps Rootstock enjoy Bitcoin’s security.</p> 
<p>In addition, Rootstock is compatible with the Ethereum Virtual Machine (EVM).&nbsp; This enables it to set up self-executing programs that comply with predetermined instructions. That’s the fancy way to say smart contracts. And also expand Bitcoin’s functionality. Being EVM-compatible means developers already familiar with Ethereum tools and languages like Solidity can build Dapps on Rootstock. This serves as a bridge between both the Bitcoin and Ethereum communities.</p> 
<div class="youtube-embed" data-video_id="02M2lg80NbM">
 <iframe title="PowPeg: Easily convert your BTC to RBTC" width="696" height="392" src="https://www.youtube.com/embed/02M2lg80NbM?feature=oembed&amp;enablejsapi=1" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div> 
<p>Rootstock is more scalable than Bitcoin and has better transaction speed. It has a shorter block time and handles more transactions per second. This helps Bitcoin resolve its scalability issues. Rootstock also supports DeFi apps such as lending borrowing, and stablecoins pegged to different fiat currencies.</p> 
<p><img decoding="async" class="alignnone size-full wp-image-150808" src="https://www.altcoinbuzz.io/wp-content/uploads/2024/09/developer-portal.jpg" alt="" width="837" height="766" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2024/09/developer-portal.jpg 837w, https://www.altcoinbuzz.io/wp-content/uploads/2024/09/developer-portal-300x275.jpg 300w, https://www.altcoinbuzz.io/wp-content/uploads/2024/09/developer-portal-768x703.jpg 768w, https://www.altcoinbuzz.io/wp-content/uploads/2024/09/developer-portal-459x420.jpg 459w, https://www.altcoinbuzz.io/wp-content/uploads/2024/09/developer-portal-696x637.jpg 696w" sizes="(max-width: 837px) 100vw, 837px"></p> 
<p>We also like Rootstock for its active community, providing support and resources for developers. There are lots of community-building tools on the platform. There’s a specialized developer portal, detailed documentation, and a bounty initiative that drives growth within the ecosystem.</p> 
<h5><strong>RIF and Sovryn</strong></h5> 
<p>Rootstock doesn’t just stop at offering a Bitcoin sidechain—it also powers two key services: RIF and Sovryn. These services help make the ecosystem more powerful. They are also pretty valuable for those interested in DeFi and Web3 tools. Let’s talk about each and how they work.</p> 
<h5><strong>What is RIF?</strong></h5> 
<p>RIF simply stands for “Rootstock Infrastructure Framework.” Think of it like the toolkit that makes it easy for anyone to build on Rootstock. RIF provides lots of services that developers can leverage and interact with blockchain-based tools. RIF caters to all sorts, whether it’s data storage, payments, identity, or building a marketplace. It serves as a toolbox for features developers and users need to create apps.</p> 
<p><iframe title="Introduction to RSK Infrastructure Framework (RIF)" width="696" height="392" src="https://www.youtube.com/embed/SulMnU3VF-c?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe></p> 
<p>The goal with RIF is so you don’t have to bother about the technical headaches that come with building. Instead, developers can focus on building apps that people can use in their daily lives. There’s also a RIF token for making payments for these services.</p> 
<p>RIF is the building block of a new financial system. It also offers tools like RIF Wallet and RIF Name Service. These all make it easier to access DeFi services. The basic idea is to ensure blockchain technology can be used for everyday living. Users can also pay bills, get paid in crypto, save in stablecoins, send money globally, and even access community-backed loans.</p> 
<p>RIF has enjoyed positive community feedback, especially from developers who appreciate the ease of integrating RIF with their work. We’ve seen with others like Cosmos and Polygon how an easy-to-use software development kit (SDK) means growth and adoption follow.</p> 
<h5><strong>What is Sovryn?</strong></h5> 
<p>The next core service on Rootstock is Sovryn. It has a different focus from RIF. It focuses on bringing DeFi to Bitcoin. Sovryn allows you to lend, trade, and earn interest on your Bitcoin. And all of these happen in a decentralized way. This means no middlemen or centralized platforms are controlling your money. So, people within the Bitcoin ecosystem do not have to leave Bitcoin to grow their wealth.</p> 
<p><img decoding="async" class="alignnone size-full wp-image-150809" src="https://www.altcoinbuzz.io/wp-content/uploads/2024/09/Sovryn-Rootstock.png" alt="" width="1899" height="709" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2024/09/Sovryn-Rootstock.png 1899w, https://www.altcoinbuzz.io/wp-content/uploads/2024/09/Sovryn-Rootstock-300x112.png 300w, https://www.altcoinbuzz.io/wp-content/uploads/2024/09/Sovryn-Rootstock-1024x382.png 1024w, https://www.altcoinbuzz.io/wp-content/uploads/2024/09/Sovryn-Rootstock-768x287.png 768w, https://www.altcoinbuzz.io/wp-content/uploads/2024/09/Sovryn-Rootstock-1536x573.png 1536w, https://www.altcoinbuzz.io/wp-content/uploads/2024/09/Sovryn-Rootstock-1125x420.png 1125w, https://www.altcoinbuzz.io/wp-content/uploads/2024/09/Sovryn-Rootstock-696x260.png 696w, https://www.altcoinbuzz.io/wp-content/uploads/2024/09/Sovryn-Rootstock-1068x399.png 1068w" sizes="(max-width: 1899px) 100vw, 1899px"></p> 
<p>Sovryn is a Bitcoin-based permissionless lending and borrowing platform. Additionally, Sovryn features bridges for moving assets between RSK, BSC, Bitcoin, and Ethereum chains. It also has a SOV token, which users can stake for revenue sharing and governance.</p> 
<p>Sovryn runs on Rootstock. This way, it leverages EVM’s wide developer and resource base. It also enjoys Bitcoin’s proof of work security. It offers yield farming and trading via AMM for major assets such as USDT, rBTC, and ETH. You can also engage in leveraged trading on Sovryn’s lending pools. You can get up to 5x leverage.</p> 
<p><img decoding="async" class="alignnone size-full wp-image-150810" src="https://www.altcoinbuzz.io/wp-content/uploads/2024/09/Borrowing-on-Sovryn.png" alt="" width="1919" height="891" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2024/09/Borrowing-on-Sovryn.png 1919w, https://www.altcoinbuzz.io/wp-content/uploads/2024/09/Borrowing-on-Sovryn-300x139.png 300w, https://www.altcoinbuzz.io/wp-content/uploads/2024/09/Borrowing-on-Sovryn-1024x475.png 1024w, https://www.altcoinbuzz.io/wp-content/uploads/2024/09/Borrowing-on-Sovryn-768x357.png 768w, https://www.altcoinbuzz.io/wp-content/uploads/2024/09/Borrowing-on-Sovryn-1536x713.png 1536w, https://www.altcoinbuzz.io/wp-content/uploads/2024/09/Borrowing-on-Sovryn-905x420.png 905w, https://www.altcoinbuzz.io/wp-content/uploads/2024/09/Borrowing-on-Sovryn-696x323.png 696w, https://www.altcoinbuzz.io/wp-content/uploads/2024/09/Borrowing-on-Sovryn-1068x496.png 1068w" sizes="(max-width: 1919px) 100vw, 1919px"></p> 
<p>Users who stake $SOV can earn as much as 9.22% APR. It currently has a TVL of 1.434.0626 BTC across all platforms. That’s valued at around $84,472,934.95. Sovryn currently operates in two chains:</p> 
<ul> 
 <li aria-level="1">BOB network (Stands for Build on Bitcoin)</li> 
 <li aria-level="1">Rootstock</li> 
</ul> 
<p>There are a lot of good reviews from Bitcoiners about the platform. The community loves that they can interact with DeFi services while maintaining their Bitcoin roots. This means Sovryn is a good choice for long-time Bitcoin lovers.</p> 
<p><img decoding="async" class="alignnone size-full wp-image-150811" src="https://www.altcoinbuzz.io/wp-content/uploads/2024/09/A-view-of-the-Sovryn-ecosystem.png" alt="" width="1906" height="805" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2024/09/A-view-of-the-Sovryn-ecosystem.png 1906w, https://www.altcoinbuzz.io/wp-content/uploads/2024/09/A-view-of-the-Sovryn-ecosystem-300x127.png 300w, https://www.altcoinbuzz.io/wp-content/uploads/2024/09/A-view-of-the-Sovryn-ecosystem-1024x432.png 1024w, https://www.altcoinbuzz.io/wp-content/uploads/2024/09/A-view-of-the-Sovryn-ecosystem-768x324.png 768w, https://www.altcoinbuzz.io/wp-content/uploads/2024/09/A-view-of-the-Sovryn-ecosystem-1536x649.png 1536w, https://www.altcoinbuzz.io/wp-content/uploads/2024/09/A-view-of-the-Sovryn-ecosystem-994x420.png 994w, https://www.altcoinbuzz.io/wp-content/uploads/2024/09/A-view-of-the-Sovryn-ecosystem-696x294.png 696w, https://www.altcoinbuzz.io/wp-content/uploads/2024/09/A-view-of-the-Sovryn-ecosystem-1068x451.png 1068w" sizes="(max-width: 1906px) 100vw, 1906px"></p> 
<h5><strong>Rootstock World Tour</strong></h5> 
<p>Rootstock is kicking off its World Tour. And everyone can join. Users who join the Galxe Rootstock World Tour campaign will get to visit 11 Rootstock partners. There’s also $33,000 in prizes and NFTs up for grabs. The campaign runs until September 30th. Rootstock plans to hold a raffle on the 30th. Also, each partner will host a $3k giveaway for 10 lucky winners. You can get more details <a href="https://app.galxe.com/quest/Rootstock/GCeqztvE1X">here</a>.</p> 
<p><img decoding="async" class="alignnone size-full wp-image-150813" src="https://www.altcoinbuzz.io/wp-content/uploads/2024/09/Rootstock-world-tour-scaled.jpeg" alt="" width="2560" height="1440" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2024/09/Rootstock-world-tour-scaled.jpeg 2560w, https://www.altcoinbuzz.io/wp-content/uploads/2024/09/Rootstock-world-tour-300x169.jpeg 300w, https://www.altcoinbuzz.io/wp-content/uploads/2024/09/Rootstock-world-tour-1024x576.jpeg 1024w, https://www.altcoinbuzz.io/wp-content/uploads/2024/09/Rootstock-world-tour-768x432.jpeg 768w, https://www.altcoinbuzz.io/wp-content/uploads/2024/09/Rootstock-world-tour-1536x864.jpeg 1536w, https://www.altcoinbuzz.io/wp-content/uploads/2024/09/Rootstock-world-tour-2048x1152.jpeg 2048w, https://www.altcoinbuzz.io/wp-content/uploads/2024/09/Rootstock-world-tour-746x420.jpeg 746w, https://www.altcoinbuzz.io/wp-content/uploads/2024/09/Rootstock-world-tour-696x392.jpeg 696w, https://www.altcoinbuzz.io/wp-content/uploads/2024/09/Rootstock-world-tour-1068x601.jpeg 1068w" sizes="(max-width: 2560px) 100vw, 2560px"></p> 
<h5><strong>Now’s the time to build!</strong></h5> 
<p>Rootstock is one of the oldest Bitcoin layer 2 solutions. It initially focused on emerging markets in Latin America. Their goal at the time was to fill the need to save outside of local currencies and enable payments. Rootstock’s early focus on payments gave them a strong foundation. Although USDT later became a popular choice for this purpose, Rootstock has an early mover advantage and regional expertise for building on Bitcoin. Meanwhile, Stacks successfully leveraged its global focus and commitment to building on Bitcoin. Ad achieved remarkable user growth. Now, Rootstock is building on its experience and capitalizing on its initial momentum.</p> 
<p>With campaigns like the World Tour and Sovryn’s initiatives, Rootstock is increasing its market presence. Plus, their BTC-backed stablecoins, DOC and XUSD, are gaining more traction within the Bitcoin Layer 2 community and those looking for a decentralized stablecoin.</p> 
<p>It makes sense to build on Rootstock now more than ever. Over the past year,</p> 
<ul> 
 <li aria-level="1">They’ve held five waves of grants.</li> 
 <li aria-level="1">attracted 1,500+ grant applicants,</li> 
 <li aria-level="1">onboarded 50 new builders and hosted five hackathons.</li> 
</ul> 
<p>The early builders are already going to market, joining top accelerators, and raising funds. Rootstock is coming speedily. Join their Rootstock World Tour campaigns for starters.</p> 
<p><img decoding="async" class="alignnone size-full wp-image-123700" src="https://www.altcoinbuzz.io/wp-content/uploads/2023/09/Alpha_website_leaderboard-banner.jpg" alt="" width="1197" height="148" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2023/09/Alpha_website_leaderboard-banner.jpg 1197w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/Alpha_website_leaderboard-banner-300x37.jpg 300w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/Alpha_website_leaderboard-banner-1024x127.jpg 1024w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/Alpha_website_leaderboard-banner-768x95.jpg 768w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/Alpha_website_leaderboard-banner-696x86.jpg 696w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/Alpha_website_leaderboard-banner-1068x132.jpg 1068w" sizes="(max-width: 1197px) 100vw, 1197px"></p> 
<p><iframe title="Will These 3 Altcoins Kill Ethereum?" width="696" height="392" src="https://www.youtube.com/embed/YI3uWPQqgJw?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe></p> 
<h6><strong>Disclaimer</strong></h6> 
<p>The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted risk tolerance levels of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses you may incur due to any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd. This article was sponsored by Rootstock.</p> 
<p>The post <a href="https://www.altcoinbuzz.io/bitcoin-and-crypto-guide/why-rootstock-is-the-bitcoin-layer-2-you-should-watch-in-2024/">Why Rootstock is the Bitcoin Layer 2 You Should Watch in 2024</a> appeared first on <a href="https://www.altcoinbuzz.io">Altcoin Buzz</a>.</p>

Why Rootstock is the Bitcoin Layer 2 You Should Watch in 2024

Altcoin Buzz

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