Defi on Bitcoin Soars As Locked Total Value Of RSK Crosses 1.445K BTC By CoinQuora

© Reuters. Defi on Bitcoin Soars As Locked Total Value Of RSK Crosses 1.445K BTC

  • RSK Network has outperformed Lighting Network with over 1,400 TVL.
  • Part of the increase in RSK-based DeFi is due to the recently launched Sovryn DEX.
  • Sovryn launched in April with funding of $ 9 million.

Recently launched, the decentralized exchange (DEX), Sovryn, has helped the Layer 2 platform, RSK, to exceed 1,400 BTC in Total Locked Value (TVL).

To clarify, RSK has a current TVL of 1,445 BTC, over 259,000 smart contract transactions, and nearly 50,000 active users. As a result, RSK Network overtook the Bitcoin-based blockchain lighting network for the first time. Moreover, the high value of TVL is proof of the growing demand for DeFi on the Bitcoin network.

Although the lion’s share of DeFi is on the network, the emergence of BTC-based smart contract platforms provides the necessary diversification for the growing field of DeFi.

Notably, RSK is able to facilitate almost instant payments, offering greater scalability …

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