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