OpenOcean launches DEX aggregator on Bitcoin L2 Rootstock

Decentralized exchange aggregator OpenOcean has expanded its services to Rootstock, a decentralized finance protocol built on Bitcoin.

Why is this important?

The integration introduces the first DEX aggregator to Rootstock, the smart contracts network offering compatibility with Ethereum (ETH) on Bitcoin (BTC). OpenOcean and Rootstock announced the integration in a press release on August 13.

Rootstock’s EVM-compatible platform allows OpenOcean users to tap into the cryptoeconomic potential of Ethereum while benefiting from the security of Bitcoin.

“This expansion not only aligns with our mission to provide comprehensive, efficient, and user-friendly trading solutions across all of our supported blockchains, but also enables our users to leverage the trust of the Bitcoin network in a way that was not previously possible,” said Guy P., Rootstock Head of Growth.

OpenOcean offers crypto trading services on over 35 blockchains, integrating 99% of liquidity pools, including those from Uniswap (UNI). The integration with Rootstock also enables full trading for top coins and trading pairs.

Increased focus on Bitcoin DeFi

The Bitcoin ecosystem continues to experience significant growth as more users leverage their BTC holdings. In February, crypto venture capital firm Pantera Capital published a report highlighting the potential for a DeFi explosion on the flagship blockchain network.

According to the company’s analysts, Bitcoin-based decentralized applications represent an untapped half-trillion-dollar market.

Back in April, Stacks co-founder Muneeb Ali said that BTC adoption could benefit greatly from the massive traction towards Bitcoin layer 2 protocols. Satoshi Protocol and Merlin Chain are some of the platforms that have launched projects aimed at developing Bitcoin’s DeFi ecosystem.