DeFi Protocol Pushing Bitcoin (BTC) Smart Contract Limits Goes Parabolic as Market Recovers
- RSK Infrastructure Framework is experiencing a rise in price in the middle of a market upswing.
- The DeFi on Bitcoin narrative is helping to fuel the growth of the RIF token.
Bitcoin (BTC) focused Decentralized Finance (DeFi) protocol RSK Infrastructure Framework (RIF) is sees a massive rise today following the mining of the wider digital currency ecosystem. With the combined crypto market cap jumping 3.54% to $1.18 trillion over the past 24 hours, RIF has bucked the trend positively.
RIF is currently changing hands at a spot price of $0.1847, up 3.62% in the last 24 hours and up more than 95% in the last 7-day period. Among the top altcoins showing a steep correlation with Bitcoin, RIF seems to be trending more as it is primed to bring smart contract capabilities to the world’s largest cryptocurrency network.
The emergence of the RSK Infrastructure Framework protocol marked an ambitious attempt by any project to suggest the tools of Bitcoin. The project was conceived by IOVLabs in 2019 and is currently based in Gibraltar. Since its inception, IOVLabs has been able to build one of the crypto ecosystem’s first Layer-3 networks on Bitcoin.
Layer-2 protocols are what are common, and they generally tend to increase the transaction speed of their base protocols by a very significant mile with transaction speeds that are also ready to go lower. Layer-3 is an even better improvement, and it leverages the security and wide acceptance of the Bitcoin blockchain.
DeFi on Bitcoin, charts a new milestone
Bitcoin was designed by Satoshi Nakamoto to be primarily a payment network, but its use over the years has grown beyond comprehension. Over the years, Bitcoin is now considered a very viable hedge against inflation, competing with older assets such as gold among institutional investors.
MicroStrategy Incorporated, an American business intelligence and software company, has distinguished itself as one of the biggest proponents of Bitcoin, and over the years the company has accumulated more than 140,000 Bitcoin units. While these movements are helping to push the boundaries of Bitcoin, a whole new dimension is being explored by IOVLabs.
The digital currency ecosystem has developed a lot in recent years, and the most versatile protocols are now characterized by the functionality they use, through the DApps native to them.
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Bitcoin is not designed to accommodate smart contracts, and the RSK Infrastructure Framework helps bridge this shortcoming with the technology. While RSK is not the only outfit pushing this milestone as Stacks (STX) is also doing the same, it is arguably one of the few directly leveraging the security and decentralization of Bitcoin to chart its development.
The token has benefited from its alignment and business strategy since the start of the year. With its latest milestones, showed of the growth in DeFi TVL on the protocol, RIF has seen more than a 347% year-to-date (YTD) growth. Should the business expand over the years, it can rise much more in the near future.
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