IOVLabs is launching a new decentralized finance initiative dubbed “Everyday DeFi” on the Bitcoin-powered Rootstock blockchain. The Everyday DeFi initiative will leverage Rootstock’s RIF Aggregation Layer-2 scaling solution to make DeFi more accessible and usable for everyday users.
IOVLabs Fostering DeFi Accessibility with Everyday DeFi
IOVLabs, an organization that’s focused on developing the blockchain infrastructures for a new global financial ecosystem that fosters opportunity, transparency, and trust, has announced plans to launch the “Everyday DeFi” initiative for the Rootstock ecosystem during the upcoming Coindesk Consensus 2022 conference in Austin, Texas.
Through the Everyday DeFi initiative, which will be spearheaded by the RIF Aggregation Layer-2 scaling solution based on zkSync, IOVLabs aims to make decentralized finance more accessible to the masses, ultimately onboarding the first billion users to DeFi.
The team says the RIF Aggregation layer-2 scaling solution comes with highly scalable rails that ensure transactions between users are processed faster. Additionally, RIF Aggregation will aggregate a high number of transactions for various RSK assets and introduce low-fee near-instant transfers. Users can also opt to pay transaction fees in the token they wish to transfer.
For those who are unaware, IOVLabs is in charge of the RSK smart contracts network, RSK infrastructure Framework (RIF), and Taringa!, Latin America’s largest Spanish-speaking social network with 30 million users and 1,000+ active communities.
IOVLabs says it aims to eliminate all barriers to entry into the decentralized finance industry for the average Joe, via its “Everyday DeFi” initiative, thereby giving both the unbanked and underbanked people across the globe a lifeline.
Diego Zaldivar, IOVLabs CEO and Co-Founder said:
“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 DeFi to be easy to use and affordable. We are building a DeFi ecosystem for everybody, we are enabling Everyday DeFi.”
IOVLabs’ Great Strides
IOVLabs has reached several significant milestones in the development of the Rootstock blockchain, the first platform to introduce smart contracts secured by the Bitcoin network’s highly reliable proof-of-work (PoW) consensus algorithm. Furthermore, the team has introduced RIF services, a suite of decentralized tools designed to enable developers to create Decentralized Sharing Economies.
While these solutions are solid additions to the Rootstock ecosystem, IOVLabs has made it clear that its ultimate objective is now to unlock Everyday DeFi and launch new technologies that will enable fintech and Web3 innovators to build the first generation of Everyday DeFi applications on the RSK network.
The RSK Network is one of the most secure smart contracts platforms on the market, as it leverages Bitcoin’s unparalleled hash power for transaction confirmation while extending its capabilities. RIF is home to a suite of open and decentralized infrastructure protocols that enable faster, easier and scalable development of distributed applications (dApps) within a unified environment.