The price of a cryptocurrency that is part of a project that could further integrate Bitcoin (BTC) into the world of decentralized finance (DeFi) is skyrocketing.
The alternative cryptocurrency RSK Infrastructure Framework (RIF) is currently trading at $0.15, representing a gain of 90% in the past twenty-four hours.A layer-3 protocol has been constructed on top of Bitcoin as part of this project, which was initiated in 2019 by IOVlabs and based in Gibraltar.
The purpose of the protocol is to broaden the applicability of bitcoin and provide a gateway that makes it simpler for individuals and developers to use bitcoin in decentralized financial applications.
Rootstock is a blockchain that tries to combine the safety features of Bitcoin with the capabilities of smart contracts offered by Ethereum. This platform is built on Rootstock.
The meteoric development of Bitcoin-based NFTs, whose popularity has risen over the past month, might be seen as a contributing factor to the emergence of RIF.
Meanwhile, on February 6th, the group published an updated roadmap that included plans to launch BTC-powered domain names as well as plans to push many goods to mainnet. According to the current market capitalization, RIF is the 239th largest cryptocurrency asset.
Despite the fact that the value of the alternative cryptocurrency has increased by 160% over the past week, it is still 66% lower than its all-time high of $0.45, which was reached in April of 2021.Not only is RIF gaining value, but other BTC-DeFi coins are doing so as well. Stacks (STX) is currently trading at $0.68, representing a gain of 121% over the past week.