The decentralized exchange SushiSwap has gone online on the Rootstock sidechain for Bitcoin (BTC), as per a Thursday release published by CoinDesk. One of the most well-known projects, Rootstock was founded in 2018 with the goal of bringing decentralized finance (DeFi) features—more often associated with Ethereum and BNB Chain—to the Bitcoin network. It describes itself as the first Ethereum Virtual Machine (EVM) that is compatible with the Bitcoin sidechain. Similar to an operating system on a computer, an Ethereum virtual machine (EVM) is software that runs smart contracts.
With the use of Ethereum’s smart contract technology and the security of the Bitcoin network, Rootstock hopes to provide a platform that developers can use to create and implement decentralized apps (dApps).The RBTC coin, which is correlated 1:1 with BTC, is used in the ecosystem. About half a year after Uniswap was introduced to the Bitcoin sidechain, the integration has taken place. Uniswap was the original fork of SushiSwap. DeFi Llama data indicates that Rootstock’s bridged total value locked (TVL) is little over $450 million.
Additions to the Bitcoin network that were previously the purview of Ethereum and other platforms have been made more quickly since the year 2023 began. The Ordinals protocol served as the foundation for the introduction of smart contracts to the largest blockchain in the world. It enabled the creation and storage of a version of NFTs on the Bitcoin network, and this led to more projects.