IOVLabs Introduces a $2.5M Grants Program and the Hackathon to Support Innovative Developers

Key Takeaways

• IOVLabs launched a $2.5 million grant program and Hackathon to support developers to expand Rootstock, the world’s first Bitcoin sidechain, and promote DeFi.
• The grant program developers can win over $25,000 in prizes.
• IOVLabs aims to empower developers worldwide, delivering resources via the DevPortal and utilizing RIF’s pre-built open-source protocols.

Blockchain technology leader IOVLabs has launched a $2.5M grant program to develop and expand Rootstock, the world’s first bitcoin sidechain. The purpose of the program is to support DeFi activity on the Bitcoin network. The announcement took place at the Bitcoin Builders Conference in Miami, a significant event for Bitcoin developers.

To identify eligible candidates for grants, IOVLabs has partnered with HackerEarth. In the final stage of the auditions from May to July, a presentation will be made to respected members of the Bitcoin and Rootstock ecosystem. The judging panel comprises Rootstock ecosystem luminaries such as Co-founder Sergio Lerner, mentors such as Co-founder Diego Gutiérrez Zaldvar, and officials from Sovryn and Tropykus.

Developers worldwide are encouraged to apply and no pre-knowledge of Rootstock is required since it is compatible with EVM. Participants in the Hackathon have the opportunity to win over $25,000 in prizes.

IOVLabs aims to transform Bitcoin into a comprehensive financial system and therefore seeks to empower the community. Developers who wish to participate in the grant program can access resources on Rootstock’s DevPortal and utilize RIF’s pre-built open-source protocols for their projects.

IOVLabs VP of Growth Pei Chen emphasizes the commitment to creating a decentralized finance system on Bitcoin with the grants program. The aim is to empower the next-generation developers to use Rootstock to boost Bitcoin’s capabilities and build a more inclusive financial system. The priority is making DeFi accessible to everyone, regardless of technical knowledge, to onboard the first billion users to Web3.

The Hackathon and grant program will inspire developers to investigate a variety of concepts and initiatives related to the “Everyday DeFi” topic, such as:

• Greater interoperability for different blockchains built on or with Bitcoin (dApps, bridges, technical implementations)
• User-centric utility to achieve effective user engagement (real-world use cases, compelling DAO governance modules, data dashboards)
• Unlocking new functionality and liquidity for DeFi (strategic integrations of marketplaces, dApps, DEXes, aggregators, wallets, on/off ramps, oracles)
• Developer Hackathon Bounties for Rootstock infrastructure & tooling (enhancing the foundational tools and resources for sustainable ecosystems, e.g. compiler support, SDKs, libraries, node-as-a-service, merge mining, rollups, etc.)

IOVLabs President Daniel Fogg highlights Bitcoin sidechains like Rootstock as essential for obtaining the first billion crypto users. The Bitcoin Builders Conference supports improvement and emphasizes Rootstock’s aim to complete a fair and accessible financial system using Bitcoin’s security and EVM compatibility.

The grant program and Hackaton encourage developers to use Rootstock for smart contracts. This initiative aims to enhance Bitcoin in the long term and solve network congestion. The $2.5M grants program is funded by IOV Labs, helping the growth of the decentralized blockchain protocol, Rootstock. Rootstock’s adoption is rising, with nearly $400 million in Total Value Locked (TVL) and over 60 protocols in its ecosystem.

About IOVLabs and Rootstock

IOVlabs creates blockchain technologies to build a global financial ecosystem focused on opportunity, transparency, and trust. They contribute to the expansion of the Rootstock blockchain and Rootstock Infrastructure Framework (RIF).

Rootstock is the most secure, permissionless, and censorship-resistant Bitcoin sidechain that enables EVM-compatible smart contracts using Bitcoin as the native asset. It converts Bitcoin into the basis of a complete decentralized financial system. The native token RBTC, known as “Smart Bitcoin,” allows users to interact with different services on Rootstock’s Bitcoin layer 2.