The digital world is on the cusp of a revolution with the advent of Decentralized Finance, web3, and crypto-based economies.
Just walk into your friendly neighborhood fintech meet-up, and you’ll encounter a community brimming with excitement about this decentralized world of the future. But while they may be confident of the potential of this idealistic future, when it comes to the practical implementation that will actually get us there, the picture becomes far less clear.
In this article we outline what we believe will drive the next wave of crypto adoption and what we can do as a community to make that future a reality sooner rather than later.
To explore Everyday DeFi in details, download the reportWhat is Everyday DeFi?
Everyday DeFi is the seamless integration of DeFi into people’s daily lives. It will allow people to easily access financial services that were previously only available through traditional institutions (or not available at all). The promise of Everyday DeFi is to provide everyone with equal opportunity to partake in the financial system, regardless of their geographic location or financial status.
“Everyday DeFi is the dream that the present iteration of the internet couldn’t quite achieve. It is what will bring financial freedom to any human being regardless of their financial situation. Crypto has already entered the mainstream consciousness. Now is the time for it to making a real difference. Now is the time for Everyday DeFi.” – Diego Gutiérrez Zaldívar, Founder of IoV Labs.
Why is Everyday DeFi important?
Everyday DeFi will revolutionize the current state of DeFi by:
Providing DeFi products that fulfill everyday needs:
Everyday DeFi enables seamless payments, inflation-proof savings, remittances that allow capital movement easily and at low cost, and loans that give access to finance for fundamental economic growth.
All denominated in stablecoins and available through user-friendly interfaces.
Onboarding the first billion users into crypto:
With Everyday DeFi, users are in control of their own assets and data, without the need for intermediaries. It is transparent, secure, and incorporates safeguards for the user, ensuring they can trust the system without risk of lost funds through hacks or scams.
Filling the current gap in the traditional fintech industry:
More individuals are interested in accessing crypto and DeFi services via traditional financial and banking services such as cards linked to crypto balances that are converted to fiat before being processed. This approach is currently limited due to the complexity of web3 technologies and DeFi infrastructure.
Everyday DeFi will enable this DeFi integration into CeFi by providing the building blocks for CeFi-tailored tools with more familiar and user friendly UI. This in turn, will significantly grow their user base now and in the future.
What is preventing Everyday DeFi from becoming a reality?
There are currently no standardized tools for building blockchain-based products. The absence of common standards in the industry means that each platform is implementing its own unique set of solutions, leading to a fragmented ecosystem. This lack of standardization has created barriers to entry for new users and limited the potential for growth and interoperability between platforms.
This is where RIF comes in — RIF’s purpose is to provide a simple, standardized set of tools for the next generation of DeFi developers to build with. It is a set of products designed to make decentralized applications intuitive, easy to build, and simple to integrate into traditional finance. RIF’s purpose is to enable decentralized financial products to penetrate the mainstream and be the driver behind a new era of DeFi — the era of Everyday DeFi
RIF is the building blocks for Everyday DeFi
RIF has developed a suite of products and developer tools designed to be the standard for companies building Everyday DeFi applications. Comparable to how the Microsoft Office suite provides businesses with the tools they need to operate in web2, the RIF product suite provides the tools needed for companies building in web3.
Instead of needing to build DeFi products from scratch, RIF provides a fully audited suite of SDK libraries, a large database of smart contract templates, and ready-made intuitive product frameworks to work from. RIF can be utilized by start-ups building new products, as well as established companies ready to incorporate web3 functionalities into their current designs. It is the framework that will make Everyday DeFi applications easy to build and seamless to integrate into traditional finance.
Start building your tailored solution with RIF
Additionally, RIF is built on Rootstock, the only blockchain using merged mining technology to leverage the security of Bitcoin, whilst still enabling EVM compatible smart contracts. This combination of security, interoperability, and scalability mean Rootstock currently stands as the natural home for Everyday DeFi products to thrive — and RIF is made for Rootstock.
The RIF Product Suite
RIF Wallet: RIF Wallet provides an open source technology which allows businesses to easily integrate crypto lending, saving and paying services into their existing product or launch their own smart wallet, with intuitive UX.
RNS: RNS brings multi-chain, easy to read domains into the Rootstock ecosystem, accelerating adoption and trust for everyday use. It enables users to transfer and receive digital assets with the use of aliases, turning every blockchain transaction into a simple and seamless experience.
RIF Aggregation: RIF Aggregation enables fast, on-the-spot payments, at an ultra low transaction cost by leveraging the scaling power of zero-knowledge (ZK) proofs. This solution for processing payments at scale inherits the security and decentralization of its base layer blockchains — Rootstock and Bitcoin, while maintaining EVM compatibility.
DeFi Gateway: RIF DeFi Gateway is a marketplace that allows direct access to a range of reliable lending and borrowing protocols in the Rootstock Ecosystem.
RIF Relay: RIF Relay simplifies crypto payments by allowing users to pay transactions (gas) fees with the token of their preference. Businesses can use Relay’s functionality to abstract, or fully sponsor their users’ gas fees and improve onboarding and adoption of their service.
RIF Flyover: RIF Flyover is the fastest and most secure way to move BTC into Rootstock. Unlike other bridges, Flyover facilitates BTC transfers in a few minutes without compromising security and decentralization, by introducing a trustless intermediary that advances the funds on behalf of the users.
The RIF product suite provides the next generation of innovators with the tools they need to start building the decentralized world of the future. The era of Everyday DeFi is beginning — it will revolutionize how we think about finance and forever shape the digital world around us.
If you’re interested in learning how RIF can help you bring DeFi apps to market quickly, securely and at scale, get in touch with the team at RIF today.
The DeFi industry is rapidly evolving, and a wider scope of businesses are exploring DeFi integration. This report provides essential insights to help you navigate this complex space.
Discover the key use cases driving adoption, market gaps, and entry barriers, and how Everyday DeFi technology can create a more inclusive financial ecosystem.