From Bitcoin halving to the BTC ATH, 2024 witnessed the history of Bitcoin indeed.
As Bitcoin surged to an all-time high of 100,000 USD, surpassing its previous peaks, its role as a global store of value was further solidified. This renewed interest in Bitcoin created the perfect foundation for Rootstock to shine, utilizing Bitcoin’s unparalleled security to empower a thriving ecosystem of smart contracts, DeFi applications, and decentralized innovation.
Rootstock not only kept up with Bitcoin’s expansion but also enhanced it, offering tools and infrastructure that increase Bitcoin’s accessibility and functionality for developers, institutions, and everyday users. With unprecedented transaction volumes, innovative developments like BitVMX, and the introduction of the RootstockCollective DAO, Rootstock has established itself as the leading Bitcoin sidechain.
Here we explore Rootstock’s significant achievements in 2024, and how it’s helping make Bitcoin work for everyone.
Key Achievements in 2024
Historical Transaction Volume and User Growth
Rootstock’s network activity surged, with daily transactions peaking on December 9th, 2024 at over 17k transactions at an average block time of 31s.
BitVMX Launch and The Promise of Trustless Bridges
A significant milestone was the open-sourcing of BitVMX, an advanced computational framework inspired by BitVM. This project, led by RootstockLabs and Fairgate Labs, enables complex applications on Bitcoin’s base layer, including trustless bridges and zero-knowledge proof verifications, broadening Bitcoin’s programmability.
And for the first time in history, BitVMX’s technology made it possible to interactively verify a SNARK proof on Bitcoin mainnet.
RootstockCollective Brings Value Capture to Bitcoin Builders
The launch of the RootstockCollective DAO on top of Rootstock marked a move towards decentralized governance.
RootstockCollective was formed to address a critical challenge faced by Bitcoin builders: value capture. By empowering the community to participate in decision-making processes, and rewarding both builders and their supports, RootstockCollective creates a sustainable cycle of growth and fosters transparency and collaboration within the ecosystem.
Ecosystem Expansion
Throughout 2024, Rootstock’s ecosystem experienced substantial growth:
Integrations
Rootstock added over 170 protocols that enhanced network functionality and improved user experience. These new protocols simplify the process for users to bridge assets on and off Rootstock, creating a more accessible entry point.
Notable integrations included DeFi platforms like Uniswap and SushiSwap that significantly improve access to RBTC and the Rootstock ecosystem. Another important integration is Ledger which, along with Metamask, allows users to safely store their BTC and RBTC to utilize Rootstock protocols.
Rootstock also featured new developer tools such as The Graph, thirdweb, and Alchemy, enriching the ecosystem’s functionality.
Bridging Solutions
The development of the Union Bridge, developed by the team behind BitVMX, introduced a trustless bridge between Bitcoin and Rootstock. This advancement facilitates decentralized BTC transfers from Bitcoin to Rootstock and vice versa, enabling users to interact with decentralized applications on Rootstock while sustaining Bitcoin’s decentralized mechanisms.
Network and Developer Growth in Numbers
Total Value Locked (TVL)
The platform’s TVL increased by 88% since 2023 reaching over $217 million, indicating growing confidence in Rootstock’s DeFi offerings.
Developer Engagement
2024 presented a jump in developer engagement with Rootstock with:
- 11 hackathons sponsored by the Rootstock community
- More than 250 submitted projects
- 30 grants rewarded to builders
- Over 100k USD rewarded to 100 developers
Moreover, the launch of RootstockCollective DAO laid the foundation to incentivize builders and supporters, fostering a vibrant developer community. The Collective Rewards program, launched early December, has already onboarded 7 new builders who are actively building on Rootstock, getting rewarded in the form of RBTC and RIF, and sharing their rewards with their supporters.
All this, and more is in store for the Rootstock community. According to the proposed Rootstock roadmap, the next quarter is packed with new integrations, network upgrades, and innovations on the way. Catch up on the latest accessibility and utility updates in Rootstock here.
And stay tuned for 2025 by joining the Rootstock community on Discord!
