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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.

Join the Bitcoin Scaling Hackathon and showcase your talent in the realm of Bitcoin-powered smart contracts and Web3 solutions.

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.

Download our in-depth report about the future of finance to learn more about the DeFi industry, key players, and how Everyday DeFi will shape the next phase of financial ecosystems.

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