Bitcoin
Rootstock Bitcoin L2 aims for further expansion in Latin America
Speaking at Money 20/20 in Amsterdam, Ricardo Castro of Rootstock Labs highlighted the Bitcoin layer 2 protocol’s focus on providing global access to decentralized finance (DeFi), particularly in emerging markets.
Bitcoin (Bitcoin) and Ethereum (ETH) are by far the two largest decentralized networks, each with unique strengths. BTC is known for its robust security standards, while the Ethereum blockchain emphasizes functionality and utility through smart contracts.
For years, developers have tried to bring the two concepts together and create a network that could bootstrap decentralized financial solutions on the BTC blockchain. Rootstock Labs claims it has achieved this by offering Latin American users and general crypto participants a secure BTC-backed smart contract platform.
According to Castro, the protocol holds over 2,000 BTC, valued at over $141 million, supporting DeFi development and liquidity for decentralized applications (dapps) on the layer 2 sidechain. The chain uses a native token called RBTC , individually indexed to Bitcoin for transaction validation.
DefiLlama data also confirmed over $203 million in total value locked in Rootstock, including over $15 million in stablecoins. Castro told attendees that the company will continue to support innovation around Bitcoin smart contact features to bridge the gap between BTC and Ethereum offerings.
The startup has a multimillion-dollar prize pool for developers and has already issued more than 100 grants in the last 12 months, according to the executive.
BTC L2 TVL Rootstock | Source: Defillama