IOVLabs To Catalyze Bitcoin Sidechain Development
IOVLabs’ Rootstock sidechain is a significant influence behind Bitcoin’s journey to become a DeFi Hub. Rootstock has become a significant component in Bitcoin’s DeFi ecosystem with millions of dollars in Total Value Locked (TVL).
IOVLabs is announcing the introduction of a $2.5 million grant programme to encourage the development of innovative solutions within the Rootstock ecosystem in recognition of the significance of development and future-proofing the network.
IOVLabs announced a $2.5 million strategic grants programme and hackathon to spur development on its Bitcoin sidechain Rootstock on May 17 at the first Bitcoin Builders Conferences in Miami.
The activities are a part of IOVLabs’ efforts to turn Bitcoin into a financial system rather than just a store of wealth. The company looks to invite developers from worldwide to introduce concepts aligning with the “Everyday DeFi theme.”
This includes projects that introduce interoperability for different blockchains, add utility to users, unlock functionality for DeFi, or enhance the Rootstock infrastructure and tooling.
(With inputs from Shikha Singh)
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