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.Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
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The post DeFi Altcoin Surges 78% in Just One Week As Bitcoin (BTC) and Crypto Markets Rebound appeared first on The Daily Hodl.