IOVLabs launches its “Everyday DeFi” initiative on Rootstock to onboard the first billion users
In just four years since its inception, Decentralized finance (DeFi) has gone mainstream as millions of users and investors bypass the centralized traditional banks to trade directly with one another.
Unlike the current legacy financial institutions, DeFi aims to facilitate transactions between individuals without the involvement of banks, governments, and financial institutions. Now, one tech startup is on a mission to accelerate further DeFi adoption with an initiative to onboard the first billion users.
IOVlabs is a blockchain startup that develops the technologies needed for a new global financial ecosystem that fosters opportunity, transparency, and trust. The organization currently develops the RSK Smart Contract Network, RSK Infrastructure Framework (RIF), and Taringa!’s platforms. For years, IOVLabs has been pushing the boundaries of DeFi innovation and usability.
Today, IOVlabs team announced they will soon unveil their “Everyday DeFi” initiative for the Rootstock ecosystem, spearheaded by the RIF Aggregation Layer-2 scaling solution based on zkSync.
IOVLabs wants to make decentralized finance more accessible and usable for everyday users. That goal will be achieved through its “Everyday DeFi” initiative, to be unveiled during the Consensus 2022 conference in Austin, Texas. The new initiative will ultimately bring the first billion users to everyday decentralized finance.
Through “Everyday DeFi”, IOVLabs aims to remove the barriers preventing everyday users from participating in decentralized finance. Moreover, the team acknowledges there are many people underserved by traditional finance, all of whom can benefit from a radically different approach to such products and services.
Commenting on the launch, IOVLabs CEO and RSK Co-Founder Diego Zaldivar added, “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.”
IOVLabs has made significant strides in developing the Rootstock Blockchain and its broader ecosystem. Rootstock is the first platform to introduce smart contracts secured by the Bitcoin network. Furthermore, the team has introduced RIF services, a suite of decentralized tools to help builders establish Decentralized Sharing Economies.
While these technologies are a solid addition, IOVLabs has its eye on a much bigger goal. Unlocking Everyday DeFi remains the ultimate objective, and the team will build and integrate new technologies. That process will enable fintech and Web3 innovators to build the first generation of Everyday DeFi applications on the RSK network.
The first technology to be developed is RIF Aggregation, a layer-2 scaling solution leveraging zkSync technology. Thanks to its highly scalable rails, transactions between users will be processed faster.
Additionally, RIF Aggregation will aggregate a high number of transactions for various RSK assets and introduce low-fee near-instant transfers. Users will also be able to pay transaction fees for the token they want to transfer.
The RSK Network is one of the more secure smart contract platforms in the world, designed to leverage Bitcoin’s unparalleled hash power while extending its capabilities. RSK Infrastructure Framework (RIF) is a suite of open and decentralized infrastructure protocols that enable faster, easier and scalable development of distributed applications (dApps) within a unified environment. Taringa! is Latin America’s largest Spanish-speaking social network with 30 million users and 1,000 active online communities.