IOV Labs unveils “Everyday DeFi” to progress mass-adoption of crypto
The team behind IOV Labs, which aims to support fintech innovators with blockchain tools and technologies, has unveiled its newest initiative, “Everyday DeFi.”
The company says the new product, whose exact details to be unveiled during the Consensus 2022 conference in Austin, Texas, will ultimately bring the first billion users to everyday decentralized finance.
Gibraltar-headquartered IOVLabs operates the RSK Blockchain, a Bitcoin merge-mined smart contracts platform. It also develops the RSK Infrastructure Framework (RIF) to provide partners with everything they need to build decentralized apps and new Open Finance services on the RSK blockchain.
IOV Labs believes that decentralized finance is one of the most impactful developments in the emerging digital economy. As such, its Everyday DeFi product has the potential to transform financial intermediation as it aims to remove the barriers preventing average users from participating in decentralized finance.
While the existing growth in DeFi is driven by digital native firms, venture capitalists and crypto enthusiasts, the team acknowledges there are many people underserved by traditional finance, all of whom can benefit from a different approach to such products and services. Alongside its social effect, this would be a significant milestone in the industry’s maturation and progress towards widespread adoption.
IOVLabs CEO and RSK Co-Founder Diego Zaldivar comments: “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.”
Meanwhile, IOVLabs has made significant strides in developing the Rootstock Blockchain and its broader ecosystem. Rootstock Platform (RSK) is a second-layer virtual machine that addresses specific limitations of the Bitcoin blockchain. It was introduced in 2014 by developers to increase Bitcoin transaction times and provide smart contracts.
RSK, the first smart contract platform secured by the Bitcoin network, is transforming the way the community are dealing with DeFi products. Its complementary platform, RSK Infrastructure Framework Open Standard (RIF OS), takes these technologies to scale, simplifying the use of decentralized infrastructure for any traditional or blockchain developer or organization.
“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 company added.
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.