DeFi Altcoin Surges 78% in Just One Week As Bitcoin (BTC) and Crypto Markets Rebound

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An alt­coin project that aims to push Bit­coin (BTC) fur­ther into the world of decen­tral­ized finance (DeFi) ripped by near­ly 80% this week as cryp­to mar­kets recovered.

RSK Infra­struc­ture Frame­work (RIF) is trad­ing around $0.189 at time of writ­ing, up from near­ly $0.106 a week ago, rep­re­sent­ing a 78% price surge.

The 204th-ranked cryp­to asset by mar­ket cap is also up 25% in the past 24 hours alone.

The project, which was launched by Gibral­tar-based IOVlabs in 2019, has built a layer‑3 pro­to­col on top of BTC.

RSK Infra­struc­ture Frame­work is designed to expand Bitcoin’s util­i­ty and offer a gate­way that makes it eas­i­er for devel­op­ers and peo­ple to use BTC in DeFi applications.

The plat­form is built on Root­stock, which is a blockchain that aims to mesh the secu­ri­ty of Bit­coin with the smart con­tract capa­bil­i­ties of Ethereum (ETH).

RIF’s price pump hap­pened along­side a strong week for Bitcoin.

BTC broke $27,000 on Fri­day amid swirling macro­eco­nom­ic con­cerns regard­ing the sta­bil­i­ty of the US bank­ing sec­tor. The top-ranked cryp­to asset by mar­ket cap is up more than 36% in the past week.

RIF also launched a cross-chain bridge, the RIF Fly­over pro­to­col, in late Feb­ru­ary. The pro­to­col pro­vides a decen­tral­ized path­way for Bit­coin users to enter the Root­stock ecosys­tem and vice versa.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Gen­er­at­ed Image: Mid­jour­ney
Fea­tured Image: Shutterstock/Nikelser Kate

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