Uniswap, the decentralized exchange, has marked a significant milestone by expanding to the Bitcoin sidechain Rootstock. This strategic move enhances the decentralized finance (DeFi) landscape on the world's largest blockchain. Uniswap version 3 (v3), developed by GFX Labs, now operates on Rootstock, initially designed for Ethereum and also deployed on Ethereum layer-2 networks like Arbitrum, Optimism, and Polygon.
Oku by GFX Labs will provide Rootstock with advanced trading tools, including analytics, limit orders, and liquidity provider position management. This integration of Uniswap's Ethereum-based smart contract functionalities with Bitcoin's robust proof-of-work network promises to deepen liquidity and diversify DeFi use cases in the crypto industry. The press release highlights that this combination introduces new dimensions of on-chain swaps, liquidity depth, and yield opportunities on Bitcoin's network.
Earlier in May, developers deployed Uniswap smart contracts onto the Bitcoin network to leverage the rise of BRC-20, a token standard that enables token issuance and DeFi applications on Bitcoin. This year, several elements typically associated with Ethereum and other blockchains are increasingly being integrated into Bitcoin, including non-fungible tokens (NFTs) through the Ordinals protocol and attempts to introduce Ethereum-style smart contracts.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.
