A crypto project that could push Bitcoin (BTC) further into the world of decentralized finance (DeFi) is exploding in price.
The altcoin RSK Infrastructure Framework (RIF) is up 90% in the last 24 hours, at $0.15.
[adinserter block="1"]The project, which was launched by Gibraltar-based IOVlabs in 2019, has built a layer-3 protocol on top of BTC.
The protocol 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.
The rise of RIF comes amid mounting hype over Bitcoin-based NFTs, which have exploded in popularity this month.
The project also released an updated roadmap on February 6th, detailing plans to push several products to mainnet and launch BTC-powered domain names.
RIF is now the 239th-largest crypto asset by market cap.
Although the altcoin has soared 160% in the last week, it remains 66% below its all-time high of $0.45, which was set in April of 2021.
RIF isn’t the only BTC-DeFi coin that’s on the rise. Stacks (STX) is up 121% in the last 7 days, at $0.68.
Follow us on X, Facebook and TelegramDon't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/studiostoks
