Uniswap forays into Bitcoin sidechain by integrating with Rootstock

• Uniswap v3 is deployed on Rootstock, merging Ethereum smart contracts with Bitcoin security, expanding DeFi opportunities in crypto.

• GFX Labs integrates Oku trading terminal into Uniswap for Rootstock, offering advanced tools and efficient management for liquidity providers.

Attention cryptocurrency enthusiasts and blockchain technology followers! Shocking news is sweeping the crypto world: Uniswap, the giant of decentralized exchanges (DEX), is now on Rootstock, the Bitcoin sidechain! Are you ready to find out what this means for the crypto ecosystem?

Imagine a place where you can exchange cryptocurrencies without the need for a middleman. That place is Uniswap, known for its innovation and leadership in the DeFi world. But what happens when this Ethereum titan decides to explore the Bitcoin universe? Well, that’s exactly what’s happening now.

Uniswap version 3 (v3) has been deployed on Rootstock by GFX Labs, the brains behind the Oku trading terminal. And what does this mean? Basically, that Uniswap is going all-in on the DeFi ecosystem of Bitcoin, the world’s largest crypto asset.

Uniswap’s move is a big step, not only for them, but for the entire universe of decentralized finance. We’re talking about merging the functionality of Uniswap’s smart contracts, initially designed for Ethereum, with the robust security of Bitcoin’s proof-of-work network. The result? A promise of deeper liquidity and a wider range of DeFi use cases in the crypto industry.

Remember when Uniswap launched on Ethereum in November 2018?

Since then, it has grown tremendously, expanding to a variety of blockchain networks such as Optimism, Arbitrum, Polygon, Base, BNBChain, Avalanche and Celo. Now, with this latest development, Uniswap takes a bold step into Bitcoin!

🦄 Uniswap is Coming to Bitcoin

GFX Labs is deploying trading platform Oku, which uses @Uniswap V3 smart contracts, to Bitcoin sidechain @rootstock_io.$UNI $BTC

Read more:https://t.co/4ZsVvXbSso pic.twitter.com/XRPVlKeLYt

— The Defiant (@DefiantNews) December 11, 2023

The press release accompanying this development highlights Rootstock’s unique advantage, saying:

“The combination of Bitcoin’s security and Ethereum’s smart contract capabilities, now enhanced with Uniswap v3, introduces a new dimension of on-chain exchanges, depth of liquidity and performance opportunities to the Bitcoin network.”

This move follows a trend established in May, when developers deployed Uniswap smart contracts on the Bitcoin network, taking advantage of the emergence of the BRC-20 token standard. This standard facilitates token issuance and enables DeFi applications on Bitcoin.

With the crypto industry constantly evolving, Uniswap’s strategic expansion to Rootstock positions it at the forefront of innovation and interoperability within the decentralized financial landscape.

What is Rootstock?

RSK, also known as Rootstock, is a platform that adds smart contract functionalities to the Bitcoin network and enables faster transactions. It is a layer 2 solution built on top of the Bitcoin blockchain, which means it runs in parallel to the main Bitcoin network and benefits from its security and settlement.

Source: DefiantNews – Uniswap is Coming to Bitcoin

RSK achieves this through a bi-directional pegging mechanism with Bitcoin, allowing users to send their bitcoins to the RSK network and vice versa. This means that users can take advantage of the functionality and flexibility of smart contracts (similar to Ethereum) while using Bitcoin as the underlying cryptocurrency.

RSK seeks to improve the scalability of Bitcoin transactions. By operating as a parallel network, it enables faster and cheaper transactions, which is particularly useful for decentralized applications (dApps) and business solutions that require high transaction fees.