Bridge opens the doors for interoperability between the two largest blockchain networks in the world.
RootstockLabs has announced the successful launch of the Rootstock token bridge between the Bitcoin-powered smart contracts and the Ethereum network. The interoperability protocol allows users to cross Rootstock and Ethereum ERC20 Tokens between networks.
Rootstock, the first Bitcoin layer 2, already operates as a sidechain with its own two-way bridge to Bitcoin that allows users to cross their BTC and use them on Rootstock to interact with smart contracts. The Rootstock token bridge expands this capability to ERC20 tokens and the Ethereum dApp ecosystem.
Interoperability is key for dApp projects that want to take advantage of faster transaction speeds, lower costs, and various consensus mechanisms between networks. With blockchain connectivity, new dApps can also share the same utility token with existing projects, instead of minting a new token.
To cross tokens, the bridge locks the original token in its native blockchain while minting an ERC777 ‘side token’ that can move freely on the secondary network, maintaining the existing supply of tokens while allowing them to be distributed between chains.
Adrian Eidelman, Rootstock Strategist at RootstockLabs commented, “Interoperability has been a cornerstone of the Rootstock vision from the start. We believe being able to offer Bitcoin’s benefits to Ethereum users, and to connect these respective developer communities is a crucial step for the blockchain ecosystem as a whole. It’s our mission to provide the tools needed for individuals to transform existing closed systems into decentralized and interconnected open networks, not only for DeFi but for a more decentralized and fair internet in general.”
Money on Chain, the first stablecoin protocol for Bitcoin, will use the bridge to cross its stablecoins into the Ethereum ecosystem. Ethereum users will be able to access Dollar on Chain, a US-Dollar pegged stablecoin that is the first to use Bitcoin as collateral, as well as the BitPro token which enables volatility-friendly traders to hold leveraged positions.
Max Carjuzaa, CoFounder of Money on Chain, commented, “Rootstock’s token bridge will make it possible for tokens such as DOC or BPRO to be easily integrated by ERC20 solutions, sharing the security, and global recognition of Bitcoin with the vibrant DeFi ecosystem currently developed in Ethereum.”
The federated bridge uses an upgradeable smart contract to allow for further decentralization. complete decentralization by Q3 this year.
Step-by-step instructions for using the bridge, and a FAQ are available via the Rootstock Developer portal.
About RootstockLabs
RootstockLabs is a key contributor to Rootstock, the first, biggest, and longest-lasting Bitcoin layer 2.
RootstockLabs specializes in pioneering innovative solutions within the blockchain space, empowering developers with funding, technology, and marketing support to expand the frontiers of decentralized technology and make Bitcoin work for everyone.
Rootstock is the first, biggest, and longest-lasting Bitcoin sidechain. It is the only Bitcoin layer 2 that combines the security of Bitcoin’s proof-of-work, with Ethereum’s smart contract capabilities.
Rootstock is open-source, EVM-compatible, and secured by over 60% of Bitcoin’s hashing power, which makes it a gateway to a vibrant ecosystem of dApps that continues to evolve to become fully trustless.
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