CryptoBitcoinSushiSwap Goes Live on Bitcoin Sidechain Rootstock

SushiSwap Goes Live on Bitcoin Sidechain Rootstock

SushiSwap, a prominent decentralized exchange, has officially launched on Bitcoin‘s sidechain, Rootstock, according to an announcement shared with CoinDesk on Thursday.

Rootstock, established in 2018, is one of the pioneering projects aimed at bringing decentralized finance (DeFi) functionalities to the Bitcoin network, which are typically associated with Ethereum and the BNB Chain. Rootstock distinguishes itself as the first Bitcoin sidechain compatible with the Ethereum Virtual Machine (EVM), a smart contract-executing software that powers the Ethereum protocol, analogous to an operating system on a computer.

The core objective of Rootstock is to merge Bitcoin’s robust security with Ethereum’s smart contract capabilities, thereby providing a versatile platform for building and deploying decentralized applications (dApps). The ecosystem operates using the RBTC token, which maintains a 1:1 peg with BTC.

SushiSwap’s integration on Rootstock follows the deployment of Uniswap on the Bitcoin sidechain about six months ago. Notably, SushiSwap originated as a fork of Uniswap, reflecting its shared foundational elements.

According to DeFi Llama, Rootstock’s bridged total value locked (TVL) currently exceeds $450 million. This integration highlights a broader trend of expanding DeFi features to the Bitcoin network, historically dominated by Ethereum and other blockchain platforms.

Since the beginning of 2023, there has been significant momentum in enhancing Bitcoin’s capabilities, initiated by the Ordinals protocol, which enabled the minting and storage of a version of NFTs on Bitcoin. This innovation has sparked various initiatives to introduce smart contracts to Bitcoin, the world’s largest blockchain.

With SushiSwap now live on Rootstock, the Bitcoin network continues to evolve, embracing more complex and diverse DeFi functionalities previously exclusive to other blockchains.

Related Topics:

Share This Post

Andrew
Andrew
Self-taught investor with over 5 years of financial trading experience Author of numerous articles for hedge funds with over $5 billion in cumulative AUM and Worked with several global financial institutions. After finding success using his financial acumen to build an investment portfolio, Andrew began writing and editing articles about the cryptocurrency space for sites such as chaincryptocoins.com, ensuring readers were kept up to date on hot topics such as Bitcoin and The latest news on digital currencies and Ethereum.

Related Posts

Ripple Launches RLUSD Stablecoin to Compete in Dominated Market

Ripple has officially launched its stablecoin, RLUSD, pegged to...

BlackRock’s Larry Fink Predicts Bitcoin Could Rival U.S. Housing Market

Larry Fink, the CEO of BlackRock (NYSE: BLK), has...

Gomble Games Unveils Launchpool #2

Gomble Games, the blockchain division of 111%, has launched...

DTX Exchange Raises $4.75 Million Early, Paving Way for Unified Asset Trading

The cryptocurrency market’s bullish momentum has set the stage...

MEXC Leads Global Memecoin Market with Diverse Offerings and High Returns

Memecoins continue to hold significant sway in the cryptocurrency...

Crypto Market Sees $184M in Liquidations Amid Bitcoin, Ethereum, and Solana Surge

The cryptocurrency market has shifted back into bullish territory,...