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Why Rootstock is the Bitcoin Layer 2 You Should Watch in 2024
- Rootstock is a Bitcoin sidechain that enables scalability and versatility to Bitcoin, offering features beyond simple transactions.
- Rootstock is used via a feature known as a 2-way peg that connects it with Bitcoin and enables moving Bitcoin over to Rootstock without losing any value or security.
- Rootstock is more scalable than Bitcoin and has better transaction speed. It also supports DeFi apps like lending, borrowing, and stablecoins.
- Rootstock uses merged mining with Bitcoin, allowing miners to mine two cryptos at the same time without requiring extra computing power.
- Rootstock is compatible with the Ethereum Virtual Machine (EVM), enabling developers to build Dapps on Rootstock using Ethereum tools and languages, like Solidity.
- Rootstock powers two key services: RIF and Sovryn, both of which help make the ecosystem more powerful, valuable, and accessible for developers and users.
- RIF is a toolkit that makes it easy for anyone to build on Rootstock. It provides lots of services that developers can leverage and interact with blockchain-based tools.
- Sovryn allows users to lend, trade, and earn interest on Bitcoin while maintaining decentralized control. Also, users can get up to 5x leverage and up to 9.22% APR by staking SOV tokens.
- Rootstock is coming speedily, increasing its market presence with campaigns like the World Tour while capitalizing on its initial momentum.
- Rootstock offers powerful solutions for DeFi, smart contracts, and more via a Bitcoin sidechain, making it an essential Bitcoin layer 2 to watch in 2024.
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