By Rootstock, the smart contract platform built on bitcoin, has introduced a new initiative aimed at accelerating the growth of decentralized finance (DeFi) on the bitcoin network. The objective is to discover and financially support 100 projects, with an average funding amount of $25,000 for each.
To apply for a grant, one can participate in the Scaling Bitcoin hackathon organized by Rootstock in collaboration with Hacker Earth. This hackathon serves as an expedited pathway into the grant program, aligning with the overarching theme of Everyday DeFi.
Pen Chen who is in charge of overseeing Rootstock’s grant program emphasizes transitioning into a pivotal stage of digital assets adoption. Chen stated that the company’s focus is shifting from catering solely to the early adopters to now encompassing the early majority, enabling them to cater to a larger base of everyday users.
There are several categories for the hackathon, with one of them being about merging bitcoin networks. To merge bitcoin networks is to enable greater interoperability of different blockchain ecosystems built on or with bitcoin. Rootstock encourages the development of innovative solutions that enable seamless transfers of digital assets and information with other ecosystems.
The other aspect is creating impactful user engagement, which necessitates strategic utility and incentive design. The primary objective of this initiative is to financially support projects that foster the adoption of Rootstock through innovative and purposeful approaches, with a special emphasis on practical real-world applications and the development of a robust token economy.
The next aspect emphasizes creating a robust DeFi ecosystem that thrives on strong connections across various user-centric blockchain networks. The total DeFi liquidity category aims to recognize and incentivize inventive solutions that strategically integrate marketplaces, consumer dApps, and other platforms, thereby introducing new functionalities and liquidity to the ecosystem.
The initial stage, referred to as the Ideathon, will be active until June 19th, 2023. The subsequent phase, focusing on practical execution, concludes on July 9th. Developers interested in participating can register through the provided link. Additional information about the grant can be found here.
