An altcoin project that aims to push Bitcoin (BTC) further into the world of decentralized finance (DeFi) ripped nearly 80% this week as crypto markets rallied.
RSK Infrastructure Framework (RIF) is trading around $0.189 at time of writing, up from nearly $0.106 a week ago, marking a 78% price increase.
The 204th-ranked crypto asset by market capitalization is also up 25% in the last 24 hours alone.
The project, which was launched by Gibraltar-based IOVlabs in 2019, has built a layer 3 protocol on top of BTC.
The RSK Infrastructure Framework is designed to expand the utility of Bitcoin and offer a gateway that makes it easy for developers and individuals to use BTC in DeFi applications.
The platform is based on Rootstock, which is a blockchain that aims to combine the security of Bitcoin with the smart contract capabilities of Ethereum (ETH).
The RIF price pump happened alongside a strong week for Bitcoin.
BTC broke $27,000 on Friday amid macroeconomic concerns about the stability of the US banking sector. The top-ranked crypto asset by market cap has surged more than 36% in the past week.
RIF also released a cross-chain bridge, the RIF Flyover protocol, in late February. The protocol provides a decentralized pathway for Bitcoin users to enter the Rootstock ecosystem and vice versa.
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