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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