Categories: Bitcoin Latest News

IOVLabs’ “Everyday DeFi” Aims To Onboard The First Billion Users To Bitcoin DeFi

The security of Bitcoin’s network, paired with smart contracts, paves an exciting future for decentralized finance. IOVLabs, with the help of Rootstock technology, will bring Everyday DeFi to a global audience. Onboarding the first billion users is the primary objective.

The Promise of Everyday DeFi

It sounds very appealing to see more decentralized finance opportunities for everyone. Despite the industry’s popularity, it primarily caters to existing cryptocurrency users and holders, whereas the rest remains a bit left out. That is unfortunate, as over a billion people are still unbanked or underbanked today. A viable solution needs to be found between the two industry segments, although it has proven tricky so far.

The IOVLabs team has a plan to change that narrative for the better. The team will leverage the Rootstock ecosystem and enhance it to bring Everyday DeFi to those who need it the most. Making DeFi accessible and usable is a big step forward. More details on this new initiative will be unveiled during the Consensus 2022 conference in Texas this month.

IOVLabs CEO and RSK Co-Founder Diego Zaldivar adds:

“Current DeFi solutions are too complex for regular users. That’s why it has only been used by an elite of advanced users. At IOVlabs, we created and continue to contribute to decentralized technologies like the Rootstock Blockchain and the RIF platform that enable Decentralized Finance to be easy to use and affordable. We are building a DeFi ecosystem for everybody, we are enabling Everyday DeFi.”

In the current DeFi landscape, there is a strong focus on Ethereum and derived blockchains and layers. They offer straightforward access to programmable money, even though these networks are not necessarily the most scalable or efficient. Rootstock, which enables smart contract development while leveraging Bitcoin’s network security, presents a more suitable option.

Achieving Critical Mass

The Everyday DeFi initiative will need to reach a global audience, regardless of how tech-savvy people are. Thanks to ongoing efforts by IOVLabs, the Rootstock Blockchain, and its ecosystem have been streamlined and are home to RIF services, a suite of decentralized tools to help any developer establish Decentralized Sharing Economies.

Furthermore, the team wants t continue to build and integrate new technologies. Attracting the brightest minds in fintech and Web3 development is a top priority to usher in the first generation of Everyday DeFi applications on the RSK network. One such solution is the RIF Aggregation, a dedicated layer-2 scaling solution built using zkSync technology

The RIF Aggregation solution introduces highly scalable rails to speed up peer-to-peer transactions between users. Moreover, it aggregates a high number of transfers for various assets issued on the Rootstock blockchain, reducing their fees and enabling near-instant transfers. Additionally, users can soon pay transaction fees for the token they want to transfer in that token.

 

The security of Bitcoin’s network, paired with smart contracts, paves an exciting future for decentralized finance. IOVLabs, with the help of Rootstock technology, will bring Everyday DeFi to a global audience. Onboarding the first billion users is the primary objective.

The Promise of Everyday DeFi

It sounds very appealing to see more decentralized finance opportunities for everyone. Despite the industry’s popularity, it primarily caters to existing cryptocurrency users and holders, whereas the rest remains a bit left out. That is unfortunate, as over a billion people are still unbanked or underbanked today. A viable solution needs to be found between the two industry segments, although it has proven tricky so far.

The IOVLabs team has a plan to change that narrative for the better. The team will leverage the Rootstock ecosystem and enhance it to bring Everyday DeFi to those who need it the most. Making DeFi accessible and usable is a big step forward. More details on this new initiative will be unveiled during the Consensus 2022 conference in Texas this month.

IOVLabs CEO and RSK Co-Founder Diego Zaldivar adds:

“Current DeFi solutions are too complex for regular users. That’s why it has only been used by an elite of advanced users. At IOVlabs, we created and continue to contribute to decentralized technologies like the Rootstock Blockchain and the RIF platform that enable Decentralized Finance to be easy to use and affordable. We are building a DeFi ecosystem for everybody, we are enabling Everyday DeFi.”

In the current DeFi landscape, there is a strong focus on Ethereum and derived blockchains and layers. They offer straightforward access to programmable money, even though these networks are not necessarily the most scalable or efficient. Rootstock, which enables smart contract development while leveraging Bitcoin’s network security, presents a more suitable option.

Achieving Critical Mass

The Everyday DeFi initiative will need to reach a global audience, regardless of how tech-savvy people are. Thanks to ongoing efforts by IOVLabs, the Rootstock Blockchain, and its ecosystem have been streamlined and are home to RIF services, a suite of decentralized tools to help any developer establish Decentralized Sharing Economies.

Furthermore, the team wants t continue to build and integrate new technologies. Attracting the brightest minds in fintech and Web3 development is a top priority to usher in the first generation of Everyday DeFi applications on the RSK network. One such solution is the RIF Aggregation, a dedicated layer-2 scaling solution built using zkSync technology

The RIF Aggregation solution introduces highly scalable rails to speed up peer-to-peer transactions between users. Moreover, it aggregates a high number of transfers for various assets issued on the Rootstock blockchain, reducing their fees and enabling near-instant transfers. Additionally, users can soon pay transaction fees for the token they want to transfer in that token.

FeedzyRead More

Recent Posts

The Protocol: Bitcoin Bridged Trustlessly to L2; Ethereum’s Blob Mob

Welcome to The Protocol, CoinDesk's weekly wrap-up of the most important stories in cryptocurrency tech…

33 minutes ago

Bitcoin Pumps Above $97K, Then Dumps, as Ether, XRP Surge 7%

Bitcoin zoomed above $97,000, bringing hopes of breaching the landmark $100,000 level on social media,…

33 minutes ago

Looking to Earn More on Dogecoin? This Bitcoin Layer-2 Will Use DOGE for Yields

Bitcoin layer-2 network GOAT will soon let dogecoin (DOGE) users stake their tokens to earn…

33 minutes ago

UltraShort Bitcoin ETF Offering 2x Inverse Returns Sees Record Volume as BTC Holds Above $90K

There’s something about major psychological price levels, like bitcoin's (<a href="https://www.coindesk.com/price/bitcoin/ " target="_blank">BTC</a>) $100,000 mark.…

34 minutes ago

Bitcoin Miners Approach $40B Market Cap as Difficulty Set for Fifth Straight Increase

Publicly traded bitcoin (<a href="https://www.coindesk.com/price/bitcoin/ " target="_blank">BTC</a>) miners are approaching the milestone of an aggregated…

34 minutes ago

Bitcoin to Overcome $100K Despite Pullback, Has Plenty of More Room Before Topping: CryptoQuant

Bitcoin's (<a href="https://www.coindesk.com/price/bitcoin" target="_blank">BTC</a>) pullback from the $100,000 level after continuously hitting fresh new highs…

34 minutes ago