Monat: Juni 2024

• Sushi is now live on Bitcoin (BTC) sidechain Rootstock
• Rootstock’s integration with the decentralised exchange (DEX) will expand DeFi on Bitcoin.
• Users can now leverage Sushi’s advanced trading functionalities and other features while tapping into Bitcoin’s security and decentralisation.

SushiSwap, a decentralised exchange (DEX) deployed across over 30 blockchains, is now live on Rootstock, a pioneering Bitcoin (BTC) sidechain.

The Sushi team announced the integration with Rootstock, which seeks to bring decentralised finance (DeFi) to the Bitcoin ecosystem, on Thursday. 

SUSHI price rose slightly after the news, increasing by about 3% to reach $1.23.

Major news as Sushi integrates with Bitcoin sidechain Rootstock

Rootstock is the first EVM-compatible Bitcoin (BTC) sidechain, having launched in 2018 as the crypto industry experienced exponential growth across smart contracts projects.

With security enhanced via Bitcoin’s mining mechanism, Rootstock aims to expand the world of DeFi on Bitcoin through Ethereum-compatible smart contracts. The network provides for the critical features of high scalability, fast transactions and interoperability.

Sushi’s integration will allow SUSHI holders to trade and provide liquidity on the Bitcoin sidechain, with users able to tap into Bitcoin’s security and decentralisation.

The integration will allow for the expansion of SushiSwap’s trading functionalities to Rootstock’s DeFi ecosystem.

“This collaboration marks a significant expansion into the DeFi sector for Rootstock, enhancing its ecosystem with Sushi’s advanced trading functionalities. It also strengthens Sushi’s multi-chain expansion by adding Rootstock to the network, offering users diverse options for including Bitcoin in DeFi,” the Sushi team said in an announcement.

Sushi is therefore helping to bridge Bitcoin-Fi and DeFi, giving the community access to new opportunities that leverage BTC assets.

Some of the features Sushi brings to Rootstock are token swaps and liquidity provision. Users can leverage these via Sushi’s V2 and V3 Automated Market Maker (AMM), a DEX aggregator, and Route Processor 4 (RP4). The latter provides for efficiency and optimised trading.

Rootstock users can access DeFi protocols and other dApps using RBTC, a native token pegged 1:1 to BTC.

The post Sushi goes live on Bitcoin sidechain Rootstock appeared first on CoinJournal.

• Mantle price rose 6% to above $1.04, with gains coming as Bitcoin (BTC) retested the $71k level.
• MNT price had struggled to break out of a tight range.
• Network developments and the overall crypto market outlook could help MNT price higher.

Mantle (MNT) price currently changes hands around $1.04 after jumping more than 6% in the past 24 hours alongside Bitcoin’s spike to above $71,000.

The cryptocurrency’s daily trading volume is up 110% to over $13o million in this period as Mantle trends among the best performers in the top 100 coins by market cap.

MNT price surges amid crypto bounce

Today’s gains for MNT price came as Bitcoin price surge to above $71k, with bulls taking advantage as spot BTC ETFs recorded an 11th consecutive trading day of net inflows.

Analysts are bullish on BTC, and projections for ETH amid spot Ethereum ETF approval could also contribute to MNT price going up.

Notably, MNT surged more than 40% in March, breaking above $1 as bullish momentum eventually pushed the token’s value to an all-time high above $1.50 in April.

While MNT benefitted from listing on South Korea’s largest crypto exchange Upbit, the parabolic rise that catapulted BTC to its ATH may also have fueled the upswing. The project’s introduction of the Mantle Rewards Station also added to the positive sentiment.

Mantle price – are bulls ready to run?

While MNT price has struggled since dipping below $1.40 in mid-April, it’s likely a new push in the SocialFi and gaming dApps space has Mantle poised for a fresh rally.

Mantle recently revealed it had deployed a $5 million ecosystem fund to support projects such as MetaCene, Blade Games, Co-Museum and Fingerlabs. The initiative has boosted the network’s protocols across lending, liquid staking, DEX, yield and RWA.

Data from DeFiLlama indicates the Total Value Locked (TVL) across these projects has nearly doubled in the past month. Per the details, Mantle TVL currently stands at around $463 million, up from approximately $252 million in early May.

MNT price on the daily chart is within a key range marked by the Bollinger bands. If bulls break higher, a decisive move above $1.10 may allow for a retest of the resistance line at $1.26.

The RSI and MACD indicators, however, suggest bears are not completely out of the picture. Primary support levels in case of a downward flip would include $0.94 and $0.78.

The post Mantle price outlook: Here’s why MNT is soaring appeared first on CoinJournal.