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The journey to making decentralized finance more accessible and appealing to everyday users is still ongoing. IOVLabs has a new initiative to onboard the first billion users. The team has a long-term strategy involving the Rootstock ecosystem and zkSync technology.
IOVLabs Introduces Everyday DeFi
There has been tremendous interest in decentralized finance over the past two years. New protocols have come to market, and Ethereum is no longer the only blockchain to provide compelling DeFi solutions. Instead, there is a stronger focus on networks and solutions that scale better, improve efficiency, and make for a better user experience.
One peculiar trend in decentralized finance is the position of Bitcoin. One would expect more protocols to tap into Bitcoin's liquidity, as it remains the biggest cryptocurrency by market cap. Instead, it remains an underutilized network, although things continue to improve. With the help of Rootstock, developers can issue smart contracts for Bitcoin and provide decentralized finance products and services.
IOVLabs is one of the teams tapping into Bitcoin DeF's potential. The new "Everyday DeFi" initiative wants to make decentralized finance more accessible and usable. Moreover, it removes the entry barriers preventing users from participating in DeFi. It will provide a welcome change to the growing number of people currently underserved by traditional finance.
The Rootstock Blockchain and its broader ecosystem have undergone a steep transformation. With the RIF Service, there is a suite of decentralized tools to help developers establish Decentralized Sharing Economies. The next step is to bring fintech and Web3 innovators into the Everyday DeFi fold.
RIF Aggregation Is An Important Step
The first step along the path to Everyday DeFi is RFI Aggregation. The layer-2 scaling solution is built using zkSync technology and will prove near-instant transactions at very low costs. Furthermore, the RIF Aggregation solution will benefit RSK assets by aggregating a much higher number of transactions.
IOVLabs CEO and RSK Co-founder Diego Zaldivar states:
“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.”
Furthermore, the IOVLabs team will introduce new technologies to improve mainstream access to decentralized finance continually. Providing the necessary infrastructure to build on is an integral first step in these proceedings. Enabling users to pay transaction fees in the token they transfer is one example of a much-requested quality of life improvement.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice