Welcome back to Fireblocks’ 7 days of DeFi! We’ve already launched support for Avalanche, Fantom, and Arbitrum these past few days; today, we’re thrilled to announce that we’re adding support for RSK to our platform.
RSK is a unique Layer 2 DeFi platform that enables DeFi applications (or Dapps) to be built around Bitcoin. With RSK, you can lend, borrow, trade and earn interest on BTC through DeFi.
RSK is a layer 2 protocol and sidechain that brings smart contact capabilities and speed to the Bitcoin network. RSK aims to be the most secure Layer 2 network, capitalizing on BTC’s superior hashing power through “merged mining.”
In general, Bitcoin is the most widely known and used cryptocurrency. In addition, it’s often considered the safest network, and offers users a high level of liquidity. From RSK’s perspective, bringing DeFi to Bitcoin can usher in the financial system of the future by combining the inclusive, peer-to-peer nature of DeFi with the popularity of Bitcoin.
How can I access RSK with Fireblocks?
You can now access RSK to custody and transfer the RBTC native token without jeopardizing security or efficiency. You also have access to dApps built on RSK through WalletConnect or DeFi API, including Sovryn.
RBTC is the native token of RSK, and is pegged 1:1 to BTC. It’s used as gas to pay for Smart Contract execution and trade tokens built on rsk in the same way as ETH is used as gas for Ethereum through RSK’s Open Finance / DeFi Ecosystem. It also enables transactions to be confirmed at 30 seconds per block (vs 10m on Bitcoin Network).
Three ways to use RSK on Fireblocks:
- Fireblocks console via WalletConnect
- Fireblocks DeFi API
- Fireblocks Network
Check back on our blog tomorrow to see the next DeFi protocol we’re launching for 7 days of DeFi!