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

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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Gen­er­at­ed Image: Mid­jour­ney
Fea­tured Image: Shutterstock/Nikelser Kate