Bitcoin-Based Smart Contract Environment RSK Network Surpasses Lightning Network by TVL
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Bitcoin-Based Smart Contract Environment RSK Network Surpasses Lightning Network by TVL

May 4, 2021      Sahaj Sharma

An evolving smart contract environment based on Bitcoin, RSK Network, surpasses Lightning Network. It has been revealed that the RSK Network will be witnessing a commendable uprise of Bitcoin (BTC) DeFi adoption once the Sovryn protocol introduces in the mainnet.

Anthony Pompliano Backed Product RSK Network Accomplishes Milestone

The crew of the first-ever full-stack decentralized financial ecosystem on the Bitcoin network, RSK Network, sees massive growth in the interest of the users, which led it to surpasses the TVL of Lightning Network. 

The amount of total value locked in its smart contracts aims at 1500 Bitcoins.

Per the data shared by the RSK Mainnet explorer, the total number of accounts in the network broke above the mark of 50K. Meanwhile, the net hash rate of RSK has grown to 78% in April, reflecting the surging involvement of Bitcoin miners.

Various applications based in RSK have processed 260,000 transactions, while the total number of solutions that are working on the top of it has risen notably over the last months.

Moreover, it should be noted that the users of the applications based on RSK Network leverage the RSK Infrastructure Framework or RIF economy model that allows the users to secure DeFi operations with an unparalleled Bitcoin (BTC) hash rate.

Sovryn Protocol (SOV) Introduced to Bring Decentralized Trading and Lending to BTC

The introduction of the Sovryn Protocol in April was yet another significant milestone for the success of the RSK Network. This protocol is created for the development of the decentralized exchange platforms and lending/borrowing protocols on Bitcoin.

Sovryn is supported by a solid investment background, and it managed to raise over $10 million from a group of investors, which was led by a famous cryptocurrency investor, Anthony Pompliano.

The Co-founder of Sovryn, Edan Yago says:

“Bitcoin is the centre 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.” 

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#Bitcoin #Lightning Network #RSK Network
Sahaj Sharma
Sahaj Sharma

Sahaj is an aspiring journalist with a keen interest in cryptocurrency and the whole concept of Blockchain technology. He is positive about the future potential of Cryptocurrency and Blockchain in shaping the world of finance for good. At present, he is covering the latest developments in the field of the cryptosphere.