BTC is known for its strong security standards, while Ethereum’s blockchain is focused on functionality and utility through smart contracts. Over the years, there have been efforts by developers to combine these two concepts and create a network that can support decentralized finance solutions on BTC’s blockchain.
Rootstock Labs claims to have accomplished this by providing a secure BTC-backed smart contract platform for Latin American users and the wider crypto community. The platform uses a native token, RBTC, which is pegged one-to-one with Bitcoin for transaction validation.
DefiLlama data has verified that there is over $203 million in total value locked on Rootstock, including more than $15 million in stablecoins. The startup has also established a multi-million pool prize for developers and has awarded over 100 grants in the past 12 months, according to the executive.