Rootstock Increases Its Hashrate Share to 81% of Bitcoin Blockchain’s Overall Total: Messari

Decentralized finance (DeFi) is still emerging on the Bitcoin blockchain compared to Ethereum, but Bitcoin DeFi (BTCFi) is reportedly becoming more secure and cost-effective, according to a recent analysis by an analytics firm.

Rootstock plays a pivotal role in this evolution, being among the earliest Bitcoin layer-2 solutions, as highlighted in a recent report about the platform.

The platform is currently backed by 81% of Bitcoin’s total hashrate, indicating that a significant portion of miners are involved in validating transactions on this layer. This figure had been 56% prior to the addition of major mining pools Foundry and Spiderpool earlier this year.

Additionally, transaction costs on Rootstock are reported to be 95% lower than typical Bitcoin transactions and 55% lower than those on Ethereum, making it an attractive option for users.

Rootstock is among several initiatives aiming to enhance Bitcoin’s utility by incorporating DeFi features via smart contracts, utilizing a modified version of the BitVM programming language. Other notable Bitcoin layer-2 solutions include Stacks and BOB (“Build on Bitcoin”).

The project has partnered with bridging protocol LayerZero, allowing Rootstock applications to interact with multiple blockchains, including Ethereum and Solana. This development is believed to pave the way for increased adoption of BTCFi through 2025.

According to Messari analyst Andrew Yang, the expansion of BTCFi positions Rootstock favorably for wider acceptance, especially with significant upgrades such as a 60% decrease in transaction fees and ongoing investments in education and incentive schemes for developers.