IOVLabs Launches $2.5 Million Grant Initiative and Expanding Bitcoin Hackathon

IOVLabs, a key player in the blockchain technology sector, has initiated a $2.5 million strategic grants program aimed at fostering the development and adoption of Rootstock, the first Bitcoin sidechain and an emerging hub for DeFi activities on the Bitcoin network.

This initiative was announced today at the inaugural Bitcoin Builders Conference in Miami, a pioneering event for Layer 1 and Layer 2 developers in the cryptocurrency space.

IOVLabs also revealed the commencement of a Hackathon in partnership with HackerEarth, a global community comprising over 4 million hackers, to identify suitable candidates for the grant program.

The hackathon will feature an ideation phase, a development phase, and a final presentation to a distinguished panel of judges from the Bitcoin and Rootstock ecosystems, running from May to July. The application process is open to blockchain developers worldwide.

As Rootstock is compatible with the Ethereum Virtual Machine (EVM), prior programming experience is not required to develop decentralized applications (dApps) and integrations on the network. Developers have access to the same Solidity tools and frameworks, including Hardhat, Truffle, web3.js, and ethers.js.

All participants in the Hackathon have the opportunity to win over $25,000 in prizes, in addition to being eligible for the $2.5 million grant program.

Sergio Lerner, a co-founder of Rootstock, will serve as one of the judges for the hackathon, while fellow co-founder Diego Gutiérrez Zaldívar will act as a mentor. Judges from leading entities in the Rootstock ecosystem, including Sovryn and Tropykus, will also participate.

Developers can leverage Rootstock’s extensive resources available on the DevPortal to utilize RIF’s pre-built open-source protocols in their current and future projects.

This initiative is part of a broader effort by IOVLabs to expand Bitcoin’s applications beyond its role as a store of value and to facilitate the ecosystem’s evolution into a functional financial system. IOVLabs demonstrates its commitment to empowering the community through a dual approach: assisting existing financial institutions in developing and launching Web3 products, and providing funding and support to entrepreneurs and builders via hackathons and grants. This goal is furthered through co-creation and the continuous growth of Rootstock’s ecosystem partner network.

IOVLabs VP of Growth Pei Chen comments:

“IOVLabs’ backing of the strategic grants program illustrates our strong dedication to equipping the necessary tools for establishing a genuinely decentralized financial system on Bitcoin. This presents an opportunity for the next generation of developers to utilize the Rootstock sidechain to enhance Bitcoin’s capabilities and contribute to the creation of a more equitable financial system for everyone.”

“Rootstock is swiftly gaining recognition as the center of DeFi on Bitcoin. However, we believe it is essential to make it accessible to all, irrespective of their technical skills. Therefore, the overarching theme of this year’s grant program is Everyday DeFi. This is how we will onboard the first billion users to Web3, and together we can achieve this.”

The hackathon and grant program will encourage developers to explore various concepts and projects aligned with the “Everyday DeFi” theme, including:

• Enhanced technical implementations, dApps, and bridges for other blockchains that are based on or utilize Bitcoin.
• Real-world applications, engaging DAO governance modules, and data dashboards that foster effective user engagement.
• By strategically integrating markets, dApps, DEXes, aggregators, wallets, on/off ramps, and oracles, DeFi can gain additional functionality and liquidity.
• Developer Hackathon Bounties for Rootstock infrastructure and tooling (improving the foundational resources and tools for sustainable ecosystems, such as compiler support, SDKs, libraries, node-as-a-service, merge mining, rollups, etc.)

The Bitcoin Builders Conference on May 17th in Miami will offer developers and innovators the opportunity to engage in hands-on workshops, roundtable discussions with leading developers, and insightful industry keynotes. The latest Bitcoin development tools will also be showcased during the conference.

IOVLabs President Daniel Fogg adds:

“With the Bitcoin Builders Conference in progress, I’m eager to see how developers are leveraging Bitcoin’s potential to address everyday challenges for individuals globally. IOV Labs firmly believes that Bitcoin sidechains like Rootstock will play a significant role in bringing the first billion users to crypto. This conference serves as a platform to celebrate and share our achievements thus far while recognizing that there is still work ahead. Every network has its unique strengths, and for Rootstock, it’s about utilizing Bitcoin to create a more accessible and equitable financial system for all. By combining EVM compatibility with Bitcoin’s unparalleled security, Rootstock provides developers with a network that can be relied upon to support the financial futures of individuals worldwide, regardless of their economic background.”

Through the smart contract capabilities of its Rootstock sidechain, both the grants program and the hackathon aim to motivate developers to build on Bitcoin.

This initiative enhances Bitcoin’s long-term value proposition and promotes the use of sidechains for complex transactions, thereby addressing the ongoing congestion issues on the primary network.

IOV Labs, the organization that facilitates the development of the decentralized blockchain technology known as Rootstock, has committed the entire funding of the $2.5 million grant program.

With over 60 protocols and approximately $400 million in total value locked (TVL), the utilization of Rootstock continues to grow.