Messari "Rootstock, Active Users Surge by 60% in Q3"

Image=Messari Report Screenshot

In the last quarter, the number of users on the Bitcoin (BTC) sidechain Rootstock has shown a significant increase. Rootstock is the first Bitcoin sidechain that maintains the security and decentralization of the Bitcoin network while adding smart contract functionality.

On the 18th, global virtual asset (cryptocurrency) data analysis firm Messari reported that "the total average daily active accounts for Rootstock in Q3 increased by approximately 61% compared to Q2." The average daily active accounts is an indicator representing the average number of accounts that have made at least one transaction per day.

The report also highlighted the increase in active accounts and transaction activity. It emphasized that "on August 15, Rootstock's transactions recorded 13,000, an 18.5% increase compared to the previous quarter, marking an all-time high, and the number of new accounts also surged by 111.9% compared to the previous quarter."

The surge in Rootstock's user numbers is analyzed to be influenced by major collaborations for ecosystem expansion. In Q3, Rootstock integrated with cross-chain liquidity aggregation protocol Symbiosis and bridge protocol Li Fi. In the previous quarter, it also joined the decentralized exchange (DEX) Sushi Swap.

Meanwhile, at the end of Q3, the total value locked (TVL) in the Rootstock network was approximately $172.4 million, a 27.53% increase compared to August 5. The share of USDT within the Rootstock network in Q3 was 44.6%, an 8% increase compared to the previous quarter.

Rootstock stated, "The increase in USDT's share shows that the number of users wanting to enter Rootstock from other blockchains has increased."

Image=Messari Report Screenshot