Decentralized transactionIn an effort to improve the decentralized finance (DeFi) environment on the biggest blockchain in the world, Uniswap extended to the Rootstock sidechain of Bitcoin.As per the email statement received with CoinDesk on Monday, GFX Labs, the startup behind trading terminal Oku, has released Uniswap version 3 (v3) on Rootstock.The project, which was initially intended for Ethereum, has reportedly also been implemented on the Ethereum layer-2 networks Arbitrum, Optimism, and Polygon, according to Uniswap’s website.
Rootstock will receive trading tools from Oku that include position management for liquidity providers, limit orders, and analytics.
The crypto sector may see increased DeFi use cases and greater liquidity as Uniswap, an Ethereum-based smart contract platform, combines the security of the Bitcoin proof-of-work network with its capabilities.
“Rootstock’s combination of Bitcoin’s security and Ethereum’s smart contract capabilities, now augmented with Uniswap v3, introduces a new dimension of on-chain swaps, liquidity depth and yield opportunities on Bitcoin’s network,” according to the press release.
The emergence of BRC-20, a token standard that permits the issue of tokens and, consequently, the use of DeFi apps on Bitcoin, prompted developers to implement Uniswap smart contracts on the network in May.This year has witnessed the introduction of non-fungible tokens (NFTs) to the largest blockchain in the world through the Ordinals protocol, one of the blockchain networks’ components most frequently linked to Ethereum and others finding their way to Bitcoin.Additionally, there are attempts to integrate Ethereum-style smart contracts with Bitcoin.