A new upgrade to the USDRIF stablecoin is now live on mainnet.
The upgrade, entitled USDRIF V2.0, was approved by the community on June 4th, 2024, and launched on mainnet. This version introduces several improvements aimed at enhancing usability, reducing costs, and increasing accessibility within the Bitcoin L2 space, and the broader Web3 market.
Here, we break down what this upgrade is about, why it’s being implemented, and how it will benefit users.
What is USDRIF V2.0?
The new version of USDRIF (USDRIF V2.0), is designed to provide an enhanced user experience compared to the older version of USDRIF. The protocol, dApp, and overall user experience have been revised to offer a more Bitcoin Layer 2-centric swapping experience.
What comes with the upgrade?
The upgrade to USDRIF V2.0 is driven by three primary goals: usability, cost reduction, and accessibility. These enhancements are crucial for the growth and development of the Rootstock and RIF ecosystems.
Usability
The dApp’s interface has been redesigned to be more beginner-friendly and intuitive, making it easier for users to navigate and perform transactions.
See the detailed user guide here.
Cost Reduction
By optimizing the smart contract implementation, the gas fees are now drastically reduced to one-third (1/3) of their original cost. This cost reduction makes everyday use cases much more affordable.
Accessibility
A new queuing mechanism has been introduced to provide a safer and fairer swapping experience. This feature ensures that the price users choose and the price they get is determined in a secure manner.
The team behind the upgrade
The development of USDRIF V2.0 was a collaborative effort led by RootstockLabs, with significant contributions from Money on Chain. The result is a seamless and more up-to-date user experience, ready to meet the needs of the community.
Timeline and Audit
The USDRIF V2.0 was approved by the community and is currently live on mainnet as of June 4, 2024. To ensure the highest standards of security and reliability, the new version has been independently audited by Kudelsky Security, a leading cybersecurity auditor. The audit report is publicly available and can be accessed here.
Useful Links
- USDRIF Token Mainnet: Mainnet Token Link
- RoC dApp Mainnet: ROC dApp
- Community Proposal: Community Proposal Link
- Technical Proposal: Technical Proposal Link
- Independent Security Audit: Audit Report
- RoC White Paper: White Paper Link
Legal Disclaimer
This article is for general information purposes only. It does not constitute legal, financial, or other professional advice, and should not be relied upon as such. RootstockLabs accepts no responsibility for any loss or damage that may arise from reliance on information contained in this publication. Readers should seek independent professional advice before making any investment or financial decisions based on the information contained in this publication.
This publication is intended to provide an indication of stablecoins and potential scenarios in the finance industry and does not guarantee any particular outcome. Any reference to specific products, services, companies, or organizations does not imply endorsement or recommendation by RootstockLabs. Readers are advised to conduct their own research and due diligence before acting on any information contained in this publication.