IOV Labs Launches $2.5 Million Grant Program for Everyday DeFi Development on Rootstock
IOV Labs, supporting the Rootstock blockchain network, has announced the launch of a $2.5 million grant program to support the development of DeFi applications on Rootstock.
Rootstock, on which the RIF product suite is built, is a smart contract platform that is secured by the Bitcoin network. It offers a number of advantages over other smart contract platforms, including:
- Security: Rootstock is secured by the Bitcoin network, which is the most secure blockchain in the world.
- Scalability: Rootstock is designed to scale to meet the needs of DeFi applications.
- Compatibility: Rootstock is natively compatible with the Ethereum Virtual Machine (EVM), which makes it easy for developers to port existing Ethereum dApps to Rootstock.
The $2.5 million grant program will support the development of DeFi applications that meet the following criteria:
- They must be built on Rootstock.
- They must be innovative and have the potential to make a significant impact on the DeFi ecosystem.
- They must be in the early stages of development.
The Hackathon
In addition to the grant program, IOV Labs is co-hosting a hackathon with HackerEarth to encourage the development of DeFi applications on Rootstock. The hackathon will take place from May to July and will culminate in a final live pitch event. The top teams will receive prizes of up to $25,000.
The hackathon is open to all developers, regardless of experience level.
The Future of DeFi
DeFi is a rapidly growing space with the potential to revolutionize the financial industry. Rootstock is well-positioned to play a leading role in the development of DeFi. With its security, scalability, and compatibility, Rootstock is the ideal platform for building DeFi applications that can change the world.