Uniswap v3 Deploys on Bitcoin Scaling Protocol Rootstock
Popular Ethereum-based automated market maker (AMM) Uniswap has launched its version 3 (v3) on the Rootstock blockchain protocol.
According to an emailed announcement shared with Coindesk, the deployment was carried out by the GFX Labs team, the development hub of the popular trading hub Oku.
With this latest launch, smart contract-powered transactions can seamlessly be executed on the world’s largest blockchain protocol, further expanding the use cases of the decentralized finance (DeFi) ecosystem.
Decentralized exchange #Uniswap expands to #Bitcoin sidechain Rootstock.
— Satyam Singh (@Satyams246) December 11, 2023
Rootstock is a layer-2 scaling solution operating on the Bitcoin network. Combining the optimum security apparatus the proof-of-work (PoW) blockchain network is famous for, Rootstock touts itself as the liquidity hub for DeFi trades on the Bitcoin network.
The platform is fully compatible with all Ethereum Virtual Machine (EVM) powered decentralized applications (dApps) and allows users to tap into the liquidity of the popular crypto asset.
Like its parent network, Rootstock is powered by a wrapped version of Bitcoin known as smart BTC (RBTC).
This native coin is uncensorable and pegged on a one-to-one basis to Bitcoin in a two-way peg system. Users can easily convert (or mint) their primary Bitcoin asset to RBTC to trade and earn on the DeFi platform.
When they intend to use the regular Bitcoin asset, the RBTC asset is burnt to restore the underlying cryptocurrency.
Shedding light on what the deployment offers, the Uniswap protocol revealed that this collaboration would introduce a new dimension of on-chain token swaps, liquidity depth, and yield opportunities on the world’s foremost crypto protocol.
Meanwhile, the
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