During his presentation at Money 20/20 in Amsterdam, Ricardo Castro from Rootstock Labs emphasized the Bitcoin layer-2 protocol's dedication to advancing decentralized finance (DeFi) globally, particularly in emerging economies.

Bitcoin and Ethereum are acknowledged as the top decentralized networks, with BTC excelling in security protocols while Ethereum focuses on smart contracts for operational efficiency.

Developers have long endeavored to merge these two technologies and create a platform that can support DeFi solutions on Bitcoin's blockchain. Rootstock Labs claims to have achieved this goal, offering a secure smart contract platform supported by Bitcoin for Latin American users and the broader crypto community.

Castro mentioned that the protocol has more than 2,000 BTC supporting DeFi development and dapp liquidity on the layer-2 side chain, amounting to over $141 million. Transactions are validated using the native RBTC token pegged to Bitcoin.

DefiLlama data confirms that Rootstock has over $203 million in total locked value, with stablecoins making up more than $15 million. Castro affirmed the company's commitment to enhancing Bitcoin smart contract capabilities to bridge the gap between Bitcoin and Ethereum.

The startup has allocated a substantial prize pool for developers and has granted over 100 awards in the last 12 months, according to the executive.

Read more: The Evolution of Decentralized Finance: Bitcoin Layer-2 Protocol Insights.