Decentralized exchange aggregator OpenOcean has expanded its services to Rootstock, a decentralized finance protocol built on Bitcoin.
Why is this important?
The integration introduces the first DEX aggregator to Rootstock, a smart contracts network on Bitcoin (BTC) that offers compatibility with Ethereum (ETH). OpenOcean and Rootstock announced the integration in a press release on Aug. 13.
Rootstock’s EVM-compatible platform allows OpenOcean users to tap into Ethereum’s crypto economic potential while benefiting from Bitcoin’s security.
“This expansion not only aligns with our mission to provide comprehensive, efficient, and user-friendly trading solutions across all of our supported blockchains but also empowers our users to utilize the trust of the Bitcoin network in a way that was not possible before,” Guy P., Rootstock head of growth, said.
OpenOcean offers its crypto trading services across more than 35 blockchains, integrating 99% of liquidity pools, including those from Uniswap (UNI). The integration with Rootstock also enables full trading for top coins and trading pairs.
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Growing focus on Bitcoin DeFi
Bitcoin’s ecosystem continues to experience significant growth as more users leverage their BTC holdings. In February, crypto venture capital firm Pantera Capital released a report highlighting the potential for a DeFi explosion on the flagship blockchain network.
According to analysts at the firm, Bitcoin-based decentralized applications represent an “untapped” half a trillion-dollar market.
In April, Stacks co-founder Muneeb Ali said that BTC adoption could benefit greatly from the huge traction for Bitcoin layer 2 protocols. Satoshi Protocol and Merlin Chain are some of the platforms that have launched projects aimed at enhancing Bitcoin’s DeFi ecosystem.
Read more: Blockchain developer to fork BRC-20 to bring defi to Bitcoin
