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Decentralized exchange (DEX) Uniswap has expanded its operations to Bitcoin through its launch on Rootstock. A sidechain integrated into the world’s largest blockchain network.
Information from CoinDesk said that this effort was carried out by GFX Labs. This is the unit behind the Oku trading support tool that helps users manage positions, place orders and track analytical information on Rootstock.
EXCLUSIVE: The DEX .@Uniswap is now available on Bitcoin sidechain Rootstock, in a boost to the world's largest blockchain's DeFi landscape. https://t.co/pVwux5i6Yb
— CoinDesk (@CoinDesk) December 12, 2023
A GFX Labs representative commented that Rootstock will combine the security features of the Bitcoin network with the smart contract creation capabilities of Ethereum. With the arrival of Uniswap v3, many new trading, liquidity and yield applications for Bitcoin will open up.
Uniswap was initially designed to operate on Ethereum but later expanded to other blockchains such as BNB Chain, Polygon, Arbitrum, Optimism Base, to expand the market.
During 2023, the Bitcoin network saw the emergence of projects such as Ordinals, Insciption and BRC-20 tokens. This has created a movement proposing to build new protocol layers to expand Bitcoin’s functionality with many prominent projects such as RGB Protocol, BitVM and Spiderchain.
The Insciption trend even spread to other blockchains such as Polygon, Fantom, Avalanche, BNB Chain and TON, causing network congestion and a sudden increase in the number of transactions.
Related: What is Uniswap and How Does It Work?
The Bitcoin community is currently deeply divided over Ordinals – Insciption, with some arguing that this is just a form of spam and should be removed to ensure that the BTC network can still perform its core function is a network of currency and value exchange.
