Uniswap v3 Deploys on Bitcoin Scaling Protocol Rootstock

Jimmy Aki
Last updated: | 2 min read
Source: AdobeStock

Popular Ethereum-based automated market maker (AMM) Uniswap has launched its version 3 (v3) on the Rootstock blockchain protocol.

According to an emailed announcement shared with Coindesk, the deployment was carried out by the GFX Labs team, the development hub of the popular trading hub Oku.

With this latest launch, smart contract-powered transactions can seamlessly be executed on the world’s largest blockchain protocol, further expanding the use cases of the decentralized finance (DeFi) ecosystem.

Rootstock is a layer-2 scaling solution operating on the Bitcoin network. Combining the optimum security apparatus the proof-of-work (PoW) blockchain network is famous for, Rootstock touts itself as the liquidity hub for DeFi trades on the Bitcoin network.

The platform is fully compatible with all Ethereum Virtual Machine (EVM) powered decentralized applications (dApps) and allows users to tap into the liquidity of the popular crypto asset.

Like its parent network, Rootstock is powered by a wrapped version of Bitcoin known as smart BTC (RBTC).

This native coin is uncensorable and pegged on a one-to-one basis to Bitcoin in a two-way peg system. Users can easily convert (or mint) their primary Bitcoin asset to RBTC to trade and earn on the DeFi platform.

When they intend to use the regular Bitcoin asset, the RBTC asset is burnt to restore the underlying cryptocurrency.

Shedding light on what the deployment offers, the Uniswap protocol revealed that this collaboration would introduce a new dimension of on-chain token swaps, liquidity depth, and yield opportunities on the world’s foremost crypto protocol.

Meanwhile, the Oku trading terminal by the GFX Labs team would be deployed to enable the Rootstock sidechain access analytics tools, limit orders, and liquidity provider position management.

Uniswap has also disclosed that Rootstock’s deployment has been launched across several other Ethereum-powered smart contract networks, including Polygon, Arbitrum, and Optimism.

The BNB Smart Chain, as well as Coinbase’s Base network, are also recipients of the latest v3 deployments.

Uniswap Launches Mobile App

Playing a pivotal role in the decentralized economy, Uniswap is the leading decentralized exchange operating on the Ethereum blockchain.

The platform has continued to solidify its position across the crypto landscape. Notably, during the BRC-20 token standard boom in May 2023, Uniswap launched the Trustless Market on the Bitcoin network.

Developed by a team of developers, the Trustless Market enabled direct swapping of BRC-20 tokens on the older PoW network.

Subsequently, Uniswap expanded its offerings beyond desktop token swapping by introducing its mobile app.

Operating as a crypto wallet, the Uniswap mobile app allows users to exchange any ERC-20-powered token seamlessly. This enables users to trade their preferred digital tokens while on the go.

In addition, the Uniswap mobile app is available in seven languages, demonstrating a commitment to being a DeFi solution that caters to a diverse global audience and promotes crypto adoption across regions.

The mobile app also supports 18+ currencies, allowing users to utilize their regular fiat currency to purchase their preferred digital tokens.