,fly Me to the Moon’ is an unofficial anthem for many of us crypto loyalists, capturing the free-spirited optimism of the movement and our unshakable belief that we are building a brave new world.
But instead of reshaping the current global order, we are often only guilty of sharing ideas in the crypto echo chamber. To change the planet, we need to change this behavior. And the way to do this is with Everyday DeFi.
Having fully entered mainstream cultural consciousness at the end of 2020, you’d be forgiven for thinking we’ve already ‘won’. As governments around the world lock their citizens indoors and wealthy countries send out pungent checks, we’ve created an entirely new generation of djons.
The combination of technology, culture and social capital made the NFT a smart entry into our world. It was a liberating prospect when during the pandemic, many people could not even go to the grocery store without a signed affidavit.
Soon, the profits of flipping JPEGs were being channeled into more exotic devices, and it seemed the whole world was joining in.
The reality, of course, was very different, and the hype distracted many of us from the real mission of reshaping tomorrow. Earlier this year, the number of unique DeFi user wallets across all major DeFi protocols stood at a little over 4.3 million.
This is a few million more than the population of the Chinese city of Suzhou or roughly equal to the population of Panama or Mauritania. In contrast, globally, an estimated 1.8 billion are unbanked or have little banking access.
Of course, speculation, protocol, frothy profits, and salty rugs made the whole thing bigger and brighter than that. And Advanced DeFi is an exciting place. It has nothing to do with the world we thought we would create.
We are at a turning point. We’ve Created Technologies That Are Interesting But Not Yet useful. For these crypto economies to bridge the gap and change the real world, we must focus on real-world applications and real-world users.
But when bored, young, and mostly white Western men (and it was mostly young men) captured the popular imagination winning big on the shitcoin lottery, another story was taking off from the hype.
A story that is closer to the story we told ourselves at the beginning of this all about changing the world. Something different was visible in the less-tested corners of the advanced DeFi economy.
From the villas in Buenos Aires to the markets of Saigon, people were looking for solutions to real problems in their financial systems using these existing advanced DeFi tools.
The Chainalysis Crypto Adoption Report published in late 2021 captured this phenomenon. Number one country? Vietnam rounds out the top five, with India, Pakistan, Ukraine and Kenya. This is the crypto that will change the world, and this is the world we need to build the technology for.
uninterrupted payments without penal fees for small businesses; savings that allow people to inflation-proof and protect what they already have; remittances that allow ninety-nine percent of capital to be transferred equally easily; and loans that provide access to finance for economic development at the grassroots level.
All are denominated in stablecoins beyond the reach of careless governments and are available today via Web2’s intuitive smartphone interface.
It’s DeFi every day.
And now the time has come. The silver lining of the current crypto recession is that it forces us all to focus on real-world usefulness. Many are already doing so, a far cry from the talking heads and infinite hype machine.
In early 2019, the World Bank was predicting that crypto “Provides the possibility of re-engineering the economic model and enabling the creation of markets and products that were previously unavailable and unprofitable in emerging markets,” And although overdue, we already have many examples where this is happening in multiple ecosystems.
Away from the headlines of clickbait, this has already started to happen. Goldfinch is providing crypto loans to real businesses, solving the real issue of access to credit lines.
The Celo ecosystem continues to grow based on the goal of easily accessing DeFi on mobile devices. And neither project needs to hide behind Memecoin for adoption.
The RSK blockchain was designed for everyday DeFi. Built on bitcoin by IOVlabs and now community-run, RSK was founded by a team in Argentina that went through some of the world’s worst financial crises: hyperinflation, banking and credit crises, and prolonged capital controls. many rounds of
These are some of the true pioneers of crypto who understand the need for DeFi every day as they have realized the real consequences of financial mismanagement and experienced the true potential that Bitcoin promises.
But why build on bitcoin? Bitcoin is the purest example of what a decentralized system looks like. It is unstoppable, permissionless and peer-to-peer.
As Everyday DeFi should be. RSK is the only network to use merged mining technology to take advantage of bitcoin’s security, while EVM enables compatible smart contracts to build DeFi applications.
But the ability to build on bitcoin is not enough. At IOVlabs, we have been thinking a lot about how to deliver on the promise of Everyday DeFi. That’s why we created RIF.
RootStock is a service layer built on top of Infrastructure Framework RSK, where we are building the building blocks to make DeFi a reality everyday. RIF allows teams to build DeFi services every day to rapidly and easily build large-scale crypto products; Makes wallet addresses human-readable with RIF name service.
Accelerates crypto access with RIF login. Make it possible to save, lend and lend in a safe, responsible manner with RIF Wallet. And with our recent implementation of zkSync in RIF Payments makes payments faster and cheaper.
RIF is the building block for DeFi every day, and while it is compatible with every blockchain, RSK is its home.
So while others fight Zuckerberg for the metaverse, those who want to change the world need to fulfill the core promise of crypto by creating something meaningful, something real, and something that will last for those who need it most. the wanted.
We’re doing it on bitcoin, but we’re not the only ones making DeFi a reality every day. This isn’t a zero-sum game – it’s a real opportunity to change the world by involving the first billion users of DeFi.
– Daniel Fogg (COO, IOVLabs)