An altcoin project aiming to bring Bitcoin (BTC) to the world of decentralized finance (DeFi) has gained nearly 80% this week as the crypto markets rebound. RSK Infrastructure Framework (RIF) represents a 78% price increase from around $0.106 a week ago. It is trading around $0.189 at the time of writing.
The 204th-ranked crypto asset by market cap has also increased by 25% in just the last 24 hours.
Launched in 2019 by Gibraltar-based IOVlabs, the project built a layer-3 protocol on top of BTC.
RSK Infrastructure Framework, bitcoinIt was designed to expand the usage area of . and offer a gateway that makes it easy for developers and people to use BTC in DeFi applications.
The platform is built on Rootstock, a blockchain that aims to combine the security of Bitcoin with the smart contract capabilities of Ethereum (ETH).
RIF’s price pumping came alongside a strong week for Bitcoin.
BTC surpassed $27,000 on Friday amid macroeconomic concerns over the stability of the US banking sector. Top ranked by market value crypto- Its presence has increased by more than 36% in the past week.
RIF also launched the RIF Flyover protocol, an inter-chain bridge, at the end of February. The protocol provides a decentralized way for Bitcoin users to enter the Rootstock ecosystem and vice versa.