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- Bitcoin has become a hub for DeFi thanks to the Rootstock side chain.
- To maintain the momentum and further stimulate development on the Rootstock side chain, IOVLabs has launched a grant program and hackathon.
- The hackathon will help IOVlabs find initial candidates for the grant program.
bitcoin It is quickly becoming a thriving hub for DeFi as the protocols enable smart contract capabilities on the network. This is decadent in $3 million in fees collected through DeFi protocols on Bitcoin within 24 hours, displaying the increased activity happening on the network.
The main driving force behind Bitcoin’s journey to become a DeFi The hub is the side chain of IOVLabs roots. With millions of dollars in total value locked (TVL), Rootstock has emerged as a major player in the Bitcoin DeFi ecosystem.
Recognizing the importance of network development and future-proofing, IOVLabs is launching a $2.5 million grant program to promote the creation of exciting solutions within the Rootstock ecosystem.
IOVLabs Scholarship Program
On Wednesday, May 17, at the Opening Ceremony Bitcoin builders conferences in miamiIOVLabs open $2.5 million strategic grant program and hackathon to spur development on the Bitcoin sidechain Rootstock.
These initiatives are part of IOVLabs’ effort to elevate Bitcoin from being a store of value to a financial system. The company looks forward to inviting developers from all over the world to submit concepts that are compatible with the Everyday DeFi Theme.
This includes projects that introduce interoperability of various blockchains, add a utility for users, unlock DeFi functionality, or improve Rootstock’s infrastructure and tools.
In order to find candidates for the grant program, IOVLabs has partnered with HackerEarth to launch the Hackathon. Along with being eligible for the scholarship, the winners will also get a chance to win over $25,000 in prizes.
rootstock It plays a major role in Bitcoin’s shift towards DeFi activity, and hackathons can turn the network into a DeFi hub. Currently, the side chain has nearly $400 million in gross value locked (TVL) across 60 projects. IOVLabs shared that anyone can apply to the Hackathon, pitch their ideas, and expand their ecosystem.
Hackathon details
The IOVLabs Hackathon will run from May to July. The event will include a thought case, development phase, and final pitch in front of a panel of experienced judges from the Bitcoin and Rootstock community, including Rootstock founders Sergio Lerner and Diego Gutiérrez Zaldívar, and Rootstock ecosystem leaders Soveryn and Tropykus.
IOVLabs VP of Growth Pei Chen shared their thoughts on the grant program:
"IOVLabs' support of the strategic grants program demonstrates our strong commitment to provide the tools needed to build a truly decentralized financial system on Bitcoin. This is an opportunity for the next generation of developers to harness the Rootstock sidechain to extend the capabilities of Bitcoin and help create a freer and fairer financial system for all.”
Chen adds that Rootstock quickly became known as the DeFi home of Bitcoin. They think it’s time to make it available to everyone.
Developers will have access to Rootstock’s extensive resources on DevPortal and the ability to integrate pre-built open source RIF protocols into their current and future projects.
on the flip side
- More than 200,000 transactions It remains in limbo on the Bitcoin mempool due to recent network congestion issues.
- Talking about smart contract Popularity on Bitcoin, Ordinals and BRC-20 coins currently accounts for 65% of all activity on the network.
Why is this important
IOVLabs’ side Rootstock chain is generating a lot of DeFi activity on Bitcoin. The company’s initiatives can help Bitcoin by encouraging builders to introduce exciting protocols into the network using the Rootstock sidechain smart contract capability.
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