Messari Report Highlights Strong Q3 for Rootstock
Messari has released its latest in-depth report on Rootstock — examining developments across the ecosystem in the third quarter of 2024.
As the bull market gathered pace, it was a consequential three months for Bitcoin’s oldest sidechain, with new features going live and a plethora of protocols integrated.
This article outlines key points from the report, all while offering insight into how Rootstock will evolve and grow in the near future.
Key Highlights from the Messari Report:
- New accounts on the Rootstock network saw a quarter-on-quarter rise of 112%
- Rootstock ended Q3 with a TVL of $172.4 million
- Swaps between BTC and RBTC are faster after the Boltz and Flyover protocols were integrated
- The RootstockCollective DAO has successfully launched, aiding decentralization
‘A Strong Q3’
Outlining its findings, Messari described the third quarter as “a period of developmental growth for Rootstock” as work continues to build out its ecosystem.
Transactions
More than 800,000 transactions were executed over this period, and the average number of daily active accounts rose substantially when compared with the second quarter.
Another highlight relates to the creation of new accounts on Rootstock, which reached a record high between July and September.
Messari attributes some of this growth to the Rootstock World Tour, a campaign that encouraged new and existing users alike to explore projects within the ecosystem.
The report reveals that the launch of this initiative saw daily transactions peak at 13,820 on August 5, and contributed to elevated activity right through until the end of September.
Across Q3 as a whole, 56.79% of days logged between 7,000 and 9,000 transactions — and as Messari writes, this reflects “consistent network use.”
New campaigns are live in the Rootstock ecosystem, including the Genesis Countdown running till January 3rd.
Network Health
Meanwhile, 54.58% of Bitcoin’s hashing power was used to secure Rootstock through a process known as merged mining — averaging out in a range of 53% to 59%.
“This stable hashing rate suggests a relatively consistent level of security backing Rootstock, which is crucial for network reliability and user confidence,” the report explains.
New Integrations, Upgrades and Features
Beyond number crunching and vital statistics, Messari’s report also shed light on the latest protocols to integrate within Rootstock — along with network upgrades and features designed to benefit developers and everyday users alike.
The DAO on the Block
RootstockCollective was formed to address a critical challenge faced by Bitcoin builders: value capture. Historically, only Bitcoin miners and BTC holders benefited from the Rootstock network’s growth. This changes today with the introduction of the RootstockCollective.
RIF holders can now stake these tokens to earn voting rights in the newly formed RootstockCollective DAO too — and with the Collective Rewards now available for everyone, both builders and their backers can start earning token rewards paid in Bitcoin and RIF for driving innovation within the Rootstock ecosystem.
New Players
These include Balmy XYZ, which has brought a recurring investment service to the ecosystem. This enables consumers to automatically buy their favorite tokens on a regular basis, resulting in stress-free dollar cost averaging that gradually builds a portfolio.
This platform is joined by Car2Token, a decentralized project that enables car owners to tokenize their vehicles, use them for collateral and secure loans in the process — aligning well with Rootstock’s wider vision of delivering Everyday DeFi for the masses.
A leading Argentinian crypto wallet called Lemon App has also come on board. It offers a prepaid Visa card that enables transactions to take place using crypto or pesos, with shoppers receiving Bitcoin cashback on purchases — and interest on their savings.
Revamped Dev Documentations
When it comes to improvements within Rootstock’s infrastructure, highlights include a revamped Developer Portal that boasts engaging content, enhanced navigation and localization, making it easier for coders around the world to build better on Bitcoin.
Accessibility
Meanwhile, integrations with the Boltz Exchange and the Flyover Protocol mean conversions between BTC and RBTC, Rootstock’s “Smart Bitcoin,” are now much faster than the PowPeg model. Swaps that once took 16 hours are cut to just 12 minutes as a result.
Looking Ahead
Messari notes that, in a significant development, contributors from RootstockLabs and Fair Labs have successfully verified the first zK-SNARK via BitVMX — proving knowledge without revealing the information itself.
Setting out what this could mean in the future, the report said: “The verification on Bitcoin’s mainnet represented a significant milestone for developing the Bitcoin blockchain. The demonstration could make the blockchain more compatible with faster, cheaper Layer 2 networks, offering programmability similar to Ethereum and other networks.”
Other announcements include the Union Bridge, a trustless and cryptography-driven solution that will form an even stronger connection between Bitcoin and Rootstock. As well as delivering seamless BTC transfers and reducing some of the risks associated with other cross-chain bridges, it’s hoped this approach will blend Bitcoin’s robust security with the flexibility of smart contract functionality. And crucially, this would be achieved without compromising on decentralization.
“Rootstock’s Q3 upgrades enhance its position as a leading Bitcoin sidechain, leveraging merged mining to onboard more users by improving accessibility and ecosystem integration,” Messari concludes.
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