Decentralized exchange aggregator OpenOcean has expanded its services to Rootstock, a Bitcoin-based decentralized finance protocol.
Why is this important?
The integration introduces the first DEX aggregator on Rootstock, a smart contract network on Bitcoin (BTC) that offers compatibility with Ethereum (ETH). OpenOcean and Rootstock announced the integration in a press release on August 13.
Rootstock’s EVM-compatible platform allows OpenOcean users to harness the crypto economic potential of Ethereum while benefiting from the security of Bitcoin.
“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 allows our users to leverage the trust of the Bitcoin network in ways that were not previously possible,” said Guy P., Rootstock’s Chief Growth Officer.
OpenOcean offers its cryptocurrency trading services on over 35 blockchains, integrating 99% of liquidity pools, including Uniswap (UNI). The integration with Rootstock also enables full trading for major cryptocurrencies and trading pairs.
Growing Attention to Bitcoin DeFi
The Bitcoin ecosystem continues to see significant growth as more users leverage their BTC holdings. In February, crypto venture capital firm Pantera Capital published a report highlighting the potential for a DeFi explosion on the flagship blockchain network.
According to the company’s analysts, Bitcoin-based decentralized applications represent an “untapped” market worth half a trillion dollars.
In April, Stacks co-founder Muneeb Ali said that BTC adoption could greatly benefit from the huge traction of Bitcoin’s Layer 2 protocols. Satoshi Protocol and Merlin Chain are among the platforms that have launched projects aimed at improving Bitcoin’s DeFi ecosystem.
