IOVLabs Launches Its ‘Everyday DeFi’ Initiative on Rootstock

IOVLabs has announced that its “Everyday DeFi” initiative will be unveiled during the Consensus 2022 conference in Austin, Texas. The company believes that this new initiative will ultimately bring the first billion users to everyday decentralized finance.

IOVlabs is a firm that develops blockchain technologies. The organization currently develops the RSK Smart Contract Network, RSK Infrastructure Framework (RIF), and Taringa!’s platforms.

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.

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.”

IOVLabs team says that it 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.

Representatives from IOVLabs say that while these technologies are a solid addition, they have their eye on a much bigger goal. Unlocking Everyday DeFi remains the ultimate objective, and the team says that they 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, says the team.

“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,” says members from the IOVLabs team.