Stablecoins on Bitcoin: The Time has Come for RIF On Chain

A Decentralized Stablecoin on Rootstock

The stablecoin industry continues to grow and expand. Until now, most of these assets were issued on alternative blockchains such as Ethereum, Tron, OMNI, and EOS. The world’s leading cryptocurrency, Bitcoin, used to lack  the necessary protocols to support the creation of such an asset by default.

Thanks to RSK, a smart contract platform on top of Bitcoin,, that is no longer the case. Its smart contract solution leverages existing Bitcoin technology to allow for new decentralized applications and services to be built. 

Money on Chain, a Bitcoin-based decentralized finance protocol, is making full use of this option. The company has successfully launched its own leveraged token and a decentralized stablecoin.

Introducing RIF on Chain

The new DeFi platform, known as RIF On Chain, encompasses many different facets. First of all, there is the RIF Dollar – or RDOC – which will have its value pegged to the US Dollar. It is backed by RIF tokens, which are utility tokens designed to let holders consume decentralized infrastructure services. 

One interesting aspect of the RDOC asset is how it can be acquired by spending RIF, instead of being pushed into a collateralized debt position like when using DAI. 

Secondly, there is the RIFX token, which serves a very specific purpose. It is designed to give holders exposure to RIF’s price fluctuations on the market but with leverage. 

Related Post

Last but not least, there is the RIFPro (RPRO) token. This token is designed to mirror the price of RIF, but it also gives access to passive income for holders. By owning this asset, holders will collect their share of all fees generated by the RIF on Chain platform’s transactions.

DeFi Elevates Bitcoin’s Appeal

There are many different reasons as to why Bitcoin’s DeFi ecosystem holds a lot of promise. Not only will it bring more services and use cases to Bitcoin’s ecosystem in general but it also allows service providers to leverage Bitcoin’s blockchain for security.

The RIF tokens native to RSK are merge-mined with BTC. In recent years, the concept of merge-mining has seemingly lost traction, yet it is a great way for companies to leverage blockchain security from existing networks. 

It also looks like   Bitcoin’s role within RSK´s ecosystem will grow. Currently, it is integrated into the system as an asset by locking them on-chain. 

Through this locking mechanism, RBTC tokens can be minted on the RSK network. RBTC – and indirectly, BTC itself – will begin serving as collateral for loans.It can also be used as a pegging solution for RIF Dollar, as well as other potential options waiting to be explored.

James Woods

Tech Geek and avid developer.

Published by
James Woods

Recent Posts

A trader who called the 2010 crypto crash revealed BTC’s next price target and eyeing Tradecurve for massive growth potential

Bitcoin is heading in a downward direction, as its value can decrease by the end…

10 hours ago

Investors pour into TMS Network (TMSN) Even as booming GameFi industry grows Decentraland (MANA) and Shiba Inu (SHIB)

2023 is poised to be the year of GameFi's remarkable rise, bringing exciting opportunities for…

17 hours ago

TMS Network (TMSN) Crypto Shatters Records, Defeating Avalanche (AVAX) and Aave (AAVE)

In the world of cryptocurrencies, a new player has emerged, shaking the foundations of the…

17 hours ago

Web 3.0 HedgeUp (HDUP) Goes Viral Due to Outshine and LBank

In the era of Web 3.0, the cyberspace landscape has been transformed by blockchain and…

19 hours ago

Hotbit shuts down; traders are looking at Tradecurve

Exchanges for cryptocurrencies have grown to be essential parts of the ecosystem since they give…

1 day ago

Crypto Price Today: HedgeUp Presale Trades at $0.020 After Raising $1.8M, Will Solana Reach $300?

The financial news of late has been ripe with stories on crypto, with many investors…

2 days ago