By
Steve Muchoki
April 19th, 2024
Both Sovryn and RSK network believe in the untapped potential power of Bitcoin, particularly in enabling the decentralized financial platforms through its huge market dominance.
The RSK network has registered a spike in activity and projects launched on its blockchain in the past few months. According to the firm, the total value locked in its platform in Bitcoin has surpassed 1445 units of BTC.
During April, RSK smart contract platform recorded up to 259,000 transactions, 50,000 active accounts, and 72% hashing power. Reportedly, the spike in RSK network activity was bolstered by the launch of Sovryn, a Bitcoin-based decentralized trading and lending platform backed by Anthony Pompliano.
Notably, Sovryn allows people to spend and widen the utility scope of Bitcoin in various decentralized financial platforms. According to its developers, Sovryn allows people to spend their Bitcoin without dealing with a centralized entity or compromising personal privacy and sovereignty.
RSK Network, Sovryn Platform and Bitcoin Market
Both Sovryn and RSK network believe in the untapped potential power of Bitcoin, particularly in enabling the decentralized financial platforms through its huge market dominance. Moreover, there has been an influx of institutional investors into the DeFi ecosystem seeking to develop and invest more in the blockchain technology and cryptocurrency market.
Notably, the RSK network was developed to help scale the Bitcoin network by reducing some of the information contained in the payment transaction, all without compromising the security and decentralization aspect.
“The network scales to up to 100 transactions per second without sacrificing decentralization and reduces storage and bandwidth using probabilistic verification, fraud detection, and more,” RSK’s self-description.
The RSK network is a scalable sidechain that utilizes its token system that is of similar value as Bitcoin. “Bitcoin is the center of gravity for the entire crypto economy. Layer 2 innovations will only increase its reach. When people think of Bitcoin Layer 2, most think of Lightning Network. Sidechains are a powerful complement to Lightning and are gaining remarkable user traction,” said Sovryn Co-Founder Edan Yago.
He further said that the Sovryn platform on the RSK ecosystem is a huge boost for DeFi development on the Bitcoin network. As a result, Bitcoin will increase in utility and secure future growth prospects. “The launch of Sovryn, which provides native and noncustodial trading and lending of BTC, represents a major step forward for DeFi projects built on the Bitcoin blockchain. It has driven amazing growth on the RSK blockchain. We are very excited about the future of the platform which has proven to fulfill a need in the Defi space,” Yago explained.
Bitcoin and the entire altcoin market have been significantly affected by speculative trading. Developers are working to provide real-world utility in order to give the industry daily use case far from seasonal or daily trading.