IOVILabs and RIF community launch service to boost Bitcoin DeFi adoption

  • RIF Enveloping service facilitates user experience for using Bitcoin smart contract platform.
  • Beexo wallet integrates the RIF Enveloping service.

The DeFi sector has had one of the fastest growth rates in the last year. The protocols that make up the DeFi ecosystem accumulate more than $25 billion in Total Value Locked (TVL), after seeing a spike in investor interest earlier this year. Ethereum is the king of DeFi, but a new service could make Bitcoin a contender to watch in 2021.

RSK’s smart contract network developer, IOVLabs, and the RSK Infrastructure Framework (RIF) community have announced the RIF Enveloping service. Designed to facilitate the adoption and use of DeFi protocols with Bitcoin on the RSK network, the service offers a number of features that make the user experience more intuitive.

Tool to ease DeFi adoption on Bitcoin

In a press release shared with TokenAndCrypto, it is announced that the RIF Enveloping service has support for meta transactions and will allow its users to reduce the complexities of making a payment on the network by delegating fee payment. In that way, fee payment services can subsidize transaction fees for users.

Among the use cases envisioned by IOVlabs is the integration of the service with wallets that can pay for their users’ fees and facilitate the adoption of DeFi protocols on Bitcoin. Therefore, RIF Enveloping could become a must-have tool for DeFi users. IOVlabs CEO and RSK co-founder Diego Guetierrez said:

Bitcoin and RSK aim to enable a new financial system open to everyone. Making our technology easy to use for non-technical users is key to driving positive change with real impact. RIF Enveloping is a key tool to provide a user experience on decentralized blockchain networks on par with that offered by neobanks, while creating a path to sustainability for wallets and token issuers.

RIF Enveloping has been designed by the RSK community, as mentioned above, supported by the Research and Innovation department of IOVlabs. Another important member for the development of the solution was Beexo Technologies. The latter company’s product, Beexo wallet, was the first to integrate the RIF Enveloping service. Beexo’s CEO and founder, Ezequiel Cuesta, said:

We are happy to always be at the forefront of the industry and to integrate new technologies. We are constantly looking to improve and continue to offer our users secure and privacy-oriented communications and transactions, and the integration of RIF Enveloping is a step in the right direction.

IOVlabs expects other wallet developers to integrate the service. Compared to other solutions that have similar features, the RIF Enveloping service reduces sponsored fee costs by more than 50%. IOVlabs believes that its solution will attract many more users to the DeFi sector. IOVlabs CTO and RSK co-founder Sergio Lerner said:

RIF Enveloping is the first in a series of technology enhancements that greatly improve RSK’s usability. Together with the upcoming fast peg-in and zk-rollups, developers can build wallets that provide users with a much better user experience that is critical for financial inclusion.

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