The Build on Bitcoin (BOB) project on Wednesday announced the launch of the first phase to enable decentralized apps (dapps) to interact with the world's top blockchains.
BOB mainnet is coming online with a total value locked (TVL) of $300 million, and over 40 dapps are already available, the team said. Said He took to Twitter to proclaim a “Bitcoin-led DeFi summer,” with more to come in the next three weeks.
Building on Bitcoin combines Bitcoin's global adoption, liquidity, and proof-of-work security with Ethereum's decentralized finance (DeFi) capabilities (smart contracts, wallets, and access to stablecoins). .
In March, Bitcoin DeFi developer Sovereign extended its services to the Ethereum ecosystem using Build on Bitcoin. Meanwhile, BOB is collaborating with Threshold’s tBTC and Wrapped BTC (WBTC).
“We are currently working on bridge infrastructure in parallel, cooperating with two major BTC bridge providers,” said BOB co-founder Alexei Zamyatin. Decryption. “We have built a one-click Bitcoin to BOB on-ramp, which abstracts away the complexity of bridging and moves liquidity from BTC to BOB to ETH L2, which goes live next week. It will be as easy as moving to.
Zamyatin said Build on Bitcoin also aims to provide a one-stop shop for Bitcoin Ordinals and Runes, in collaboration with the team that provides the bridge for Ordinals, Runes, and BRC-20 tokens.
Image: Built on Bitcoin
While Bitcoin DeFi is the goal, the BOB team admitted that it needs to “bootstrap” on Ethereum as the number one blockchain is not yet ready.
“Connecting to Ethereum follows a pragmatic deployment approach,” the team said. “Bitcoin rollups are not yet operational, but demand is high. Bitcoin users need access to stablecoins and DeFi, and Ethereum users can use BTC to run Ordinal, Loon, BRC I would like to access -20.
“The time has come to end this cult-like feud and unite the two major Web3 ecosystems to spearhead mass adoption,” BOB declared.
According to Zamyatin, the next stage of BOB's development will be to achieve Bitcoin proof-of-work through “merged mining,” which increases security without interrupting Bitcoin mining. Merge mining refers to the process of mining two or more blockchains simultaneously.
“Previous merged mining instances suffered from slow block times (30 seconds to 1 minute) due to proof-of-work limitations,” he said.
Finally, the planned third phase will introduce BitVM, which will enable a secure BTC bridge with fraud proof similar to Ethereum's bridge, ensuring secure BTC deposits enforced by Bitcoin nodes. explains BOB.
“This allows users who bridge with BTC to know that their deposits are safe and that security is enhanced by every Bitcoin full node, as long as there is at least one person online who submits fraud protection. I can be sure,” he said, referring to Arbitrum. Ethereum.
To attract more users to its platform, Zamyatin pointed to the BOB fusion program the company is using to drive adoption through TVL and dapps that increase user numbers.
According to the Build on Bob website, the total amount locked on the platform is now over $279 million.
“BOB Fusion Season 1 collected 300 million TVL from 33,000 users in four weeks,” Zamyatin said. “BOB Season 2, which launched today, saw $64 million in inflows on on-chain TVL within 12 hours.”
“Our mission is to make the introduction of BTC into DeFi very easy,” Zamyatin said. “Conceive Yearn Finance for Bitcoin, allowing Ethereum and EVM users access to Bitcoin assets, uniting the two largest Web3 power user ecosystems.”
Edited by Ryan Ozawa.
