Monday, 17 June 2024

Crypto News

Sushi goes live on Bitcoin sidechain Rootstock

Sushi goes live on Bitcoin sidechain Rootstock

  • Sushi is now live on Bitcoin (BTC) sidechain Rootstock
  • Rootstock’s integration with the decentralised exchange (DEX) will expand DeFi on Bitcoin.
  • Users can now leverage Sushi’s advanced trading functionalities and other features while tapping into Bitcoin’s security and decentralisation.

SushiSwap, a decentralised exchange (DEX) deployed across over 30 blockchains, is now live on Rootstock, a pioneering Bitcoin (BTC) sidechain.

The Sushi team announced the integration with Rootstock, which seeks to bring decentralised finance (DeFi) to the Bitcoin ecosystem, on Thursday. 

SUSHI price rose slightly after the news, increasing by about 3% to reach $1.23.

Major news as Sushi integrates with Bitcoin sidechain Rootstock

Rootstock is the first EVM-compatible Bitcoin (BTC) sidechain, having launched in 2018 as the crypto industry experienced exponential growth across smart contracts projects.

With security enhanced via Bitcoin’s mining mechanism, Rootstock aims to expand the world of DeFi on Bitcoin through Ethereum-compatible smart contracts. The network provides for the critical features of high scalability, fast transactions and interoperability.

Sushi’s integration will allow SUSHI holders to trade and provide liquidity on the Bitcoin sidechain, with users able to tap into Bitcoin’s security and decentralisation.

The integration will allow for the expansion of SushiSwap’s trading functionalities to Rootstock’s DeFi ecosystem.

“This collaboration marks a significant expansion into the DeFi sector for Rootstock, enhancing its ecosystem with Sushi’s advanced trading functionalities. It also strengthens Sushi’s multi-chain expansion by adding Rootstock to the network, offering users diverse options for including Bitcoin in DeFi,” the Sushi team said in an announcement.

Sushi is therefore helping to bridge Bitcoin-Fi and DeFi, giving the community access to new opportunities that leverage BTC assets.

Some of the features users will access as a result of the integration include Sushi’s token swaps and liquidity provision via Sushi’s V2 and V3 Automated Market Maker (AMM) protocols, a DEX aggregator, and Sushi’s Route Processor 4 (RP4) for efficiency and optimised trading.

Rootstock users can access DeFi protocols and other dApps using RBTC, a native token pegged 1:1 to BTC.

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