The Decentralized Finance (DeFi) sector has brought new ability into the crypto industry — to invest in various tokens belonging to the sector and receive passive income.
However, this is only one, albeit the most popular, a feature of the sector. DeFi has also unlocked additional value in crypto by enabling other separate projects to be utilized on other blockchains.
For example, Bitcoin has taken crypto into the mainstream. . It is so popular that it even brought institutional investors into crypto, and its price skyrocketed to $64.8k earlier this year. Yet Bitcoin’s blockchain is just a distributed ledger — a list of transactions, and there is nothing more that it can do.
DeFi unlocked additional utility for Bitcoin by allowing users to export Bitcoin to other blockchains, such as Ethereum, for use in smart contracts, dApps, DEXes, yield farming platforms, and more. This was done through the concept of wrapped tokens and as of June 2021, around 1% of Bitcoin’s circulating supply has been wrapped on Ethereum.
Like other novel applications in crypto, the mechanisms behind token wrapping can be further expanded and improved, which is what the project called Rootkit Finance decided to do–achieving remarkable results along the way.
What You Need To Know About Rootkit Finance
Rootkit is a DeFi protocol that offers a highly deflationary yield-farming token which uses permanently locked liquidity pools. This is actually what enabled all the new possibilities that come with this project.
Essentially, Rootkit used a combination of different technologies to create something new. This tech …