Rootstock Experiences Remarkable Growth in Recent Quarter, According to Chainwire

Manchester, United Kingdom, July 8th, 2024 – Chainwire

Rootstock Sees Record-Breaking Usage and New Partnerships Integrated into Its Network

Rootstock, the pioneering and longest-established sidechain, has solidified its position as a leading blockchain over the past three months, achieving record transaction numbers and welcoming a variety of new decentralized applications (dApps), bridges, and wallets into its ecosystem. This growth momentum marks a significant milestone in Rootstock’s development, with the team focusing on further advancements and enhancements over the next year.

Data from block explorers reveals that the Rootstock network has processed over 13 million transactions to date, with more than 670,000 transactions occurring in the last three months alone. This impressive activity underlines Rootstock’s potential as an ideal platform for building on Bitcoin, especially given that over 60% of Bitcoin’s hash rate supports the network and it has maintained 100% uptime since its inception in January 2018.

In terms of integrations, more than 25 dApps and protocols have recently joined the Rootstock ecosystem, providing users with innovative avenues to access, develop, and expand their projects. Notable additions include:

• Artoshi
• Bitget
• Chainport
• Dega
• Etherspot
• Galxe
• Gelato
• iZUMi
• Kickspad
• L bank Exchange
• LiFi
• Merkl
• oooo
• OpenOcean
• Rubic
• Sailing
• Satoshi
• SimpleFi
• Steer
• SuperLauncher
• SushiSwap
• Umbrella
• UniFi

Looking ahead, Rootstock’s core contributors and community have outlined a 12-month roadmap aimed at enhancing the platform, with new features and contributions from developers throughout the ecosystem. This roadmap contains various Rootstock Improvement Proposals (RSKIPs) designed to boost transaction speed, user-friendliness, and decentralization of the network. Key highlights include:

• Reducing transaction confirmation times from 30 seconds to just 5 seconds, significantly accelerating network performance.
• Enabling non-custodial swaps between Lightning Network (LN-BTC) and Rootstock (RBTC) through Boltz.
• Transforming PowPeg into a SegWit-compatible 2-Way Peg, increasing the number of entities involved in Bitcoin transaction signing to over 60 and lowering peg-out fees.
• Creating a Bitcoin-native asset bridge to facilitate seamless transfer of Runes tokens between the Bitcoin mainchain and Rootstock.
• Initiating the development of a genuinely trust-minimized bridge between Bitcoin and Rootstock that leverages BitVMX, requiring no alterations to the Bitcoin consensus protocol.

Reflecting on the recent achievements, Henrik Jondell, Chief Technology Officer at RootstockLabs, remarked, “The past three months have been crucial for Rootstock’s successful expansion, and we are excited to see what the next twelve months will bring. Rootstock has emerged as one of the most utilized Bitcoin layer 2 solutions in the crypto space, and the enhancements in features and accessibility this quarter have greatly broadened its influence.”

For more information on Rootstock and its cryptocurrency ecosystem, individuals can explore their online resources.

About Rootstock

Rootstock is recognized as the world’s most secure smart contract platform, cryptographically linked to the Bitcoin blockchain. As a Bitcoin sidechain, Rootstock uses a censorship-resistant two-way peg to enable users to transfer Bitcoin directly to its chain, converting it into smart Bitcoins (RBTC) on the Rootstock blockchain. These RBTC can then be utilized to deploy and interact with smart contracts and dApps. Furthermore, BTC can be effortlessly transferred back to the Bitcoin mainchain at any time using the trustless bridge or through various protocols.

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