Bitcoin Sidechain Rootstock Records Highest TVL in Q4 Last Year

Bitcoin sidechain Rootstock announced on the 4th that its DeFi (Decentralized Finance) Total Value Locked (TVL) reached $54.9 million (approximately 365 billion KRW) in the fourth quarter of last year, setting an all-time high.

According to a report from crypto data analytics firm Messari, Rootstock's TVL rose significantly in December. In the previous month of November, Rootstock's TVL was $171.3 million (approximately 246 billion KRW), representing an increase of about 60% in just one month.

Rootstock attributed the surge in TVL to the impact of active partnerships. In the fourth quarter, Rootstock formed a partnership with blockchain development platform Alchemy to improve dApp (decentralized application) building and development environments. Additionally, Rootstock established partnerships with blockchain app development platform Thirdweb, hardware wallet company Ledger, and omnichain messaging protocol LayerZero.

Furthermore, the rise in Bitcoin's price also had a positive impact on the TVL figures. During the fourth quarter, Rootstock's TVL based on Rootstock-wrapped Bitcoin (rBTC), which is used for gas payments, remained between 2,350 and 2,497. As Bitcoin's price increased during this period, the dollar-denominated TVL naturally rose as well.

Meanwhile, Rootstock recorded revenue of $360,000 (approximately 5 billion KRW) in the fourth quarter. This represents an increase of about 220% compared to $110,000 (approximately 160 million KRW) in the same period of the previous year. This revenue will be distributed to miners such as AntPool, Binance Pool, and Foundry, who contributed to the Bitcoin ecosystem through Rootstock merge mining.

Rootstock stated, "We launched the incentive program 'Hacktivator' last November to focus on expanding the ecosystem," adding, "We will support developers to directly contribute to Rootstock's educational content, guides, and more."