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The Bitcoin Building (BOB) project has announced the launch of its first phase, enabling decentralized applications—dapps—to connect to the world's top blockchain.
The BOB mainnet has $300 million in total value locked (TVL) and more than 40 daps are already coming online, the team said on Twitter, announcing a “Bitcoin-driven winter of DeFi” with more coming in the next three weeks.
It is intended to be a hybrid layer-2 network built on Bitcoin, an “Ethereum package” that combines Bitcoin's global adoption, liquidity, and proof-of-work security with Ethereum's decentralized finance (DeFi) features: smart contracts, wallets, and stablecoins. Access.
In March, Bitcoin DeFi developer Sovrin used Build on Bitcoin to expand its offerings to the Ethereum ecosystem. BOB meanwhile is partnering with Threshold's tBTC and Wrapped BTC (WBTC).
“We currently work with two of the leading BTC bridge providers on the bridge infrastructure,” BOB co-founder Alexey Zamyatin told Decrypt. “We've built a one-click Bitcoin to BOB that takes away the complexity of bridging and makes moving from BTC to BOB as easy as moving from ETH to ETH L2 next week.”
Zamyatin Build on Bitcoin is also looking to provide a one-stop shop for Bitcoin Ordinals and Runes, partnering with teams that provide bridges for Ordinals, Runes and BRC-20 tokens.
Image: Build on Bitcoin
Although Bitcoin DeFi is the goal, the BOB team admits that the number one blockchain is not ready, which requires “bootstrapping” on Ethereum.
Why boot?
Despite the high demand, Bitcoin rolls are not ready yet. Our approach leverages Ethereum's established infrastructure:
• Improve UX for #Ordinals, #Runes and #BRC20s.• Make deploying BTC to DeFi super easy, for both Bitcoin and Ethereum users.
— BOB (Mainnet Live) (@build_on_bob) May 1, 2024
“Linking to Ethereum follows a pragmatic rollout approach,” the team said. “Bitcoin rollups don't work yet, but demand is high: Bitcoin users need access to stablecoins and DeFi, Ethereum users want to use their BTC and get Ordinals, Runes and BRC-20s.”
“It's time to end the cult-like conflicts and unite the two largest Web3 ecosystems together to drive mass adoption,” BOB declared.
According to Zamyatin, the next phase of BOB's development will achieve Bitcoin's Proof of Work through “integrated mining,” enhancing security without disrupting Bitcoin mining. Merged mining refers to the process of mining two or more blockchains simultaneously.
“Previously, integrated mining suffered from slow block times (30 seconds – 1 minute) due to limited proof-of-work,” he said.
Finally, the third planned phase will introduce BitVM, which will enable a secure BTC bridge with fraud proof similar to Ethereum bridges, BOB explained, ensuring secure BTC deposits are implemented by Bitcoin nodes.
“This ensures that users connecting in BTC can be sure that their deposits are safe and that the security is enforced by all Bitcoin full nodes – at least as long as there is someone to check for fraud online,” he quoted Arbitrum. Ethereum.
In order to attract more users to the platform, Zamyatin pointed to the BOB integration program that the company is using to boost adoption of TVL and Dapps that increase the number of users.
According to the Tower on Bob website, the total value locked in the platform is currently over $279 million.
“BOB Fusion Season 1 attracted 300 million in TVL from 33,000 users in 4 weeks,” Zamyatin said. “BOB Season 2, which premiered today on chain TVL, saw $64 million in less than 12 hours.
“Our mission is to make BTC to DeFi very easy,” Zamyatin said. “Imagine Aren Finance for Bitcoin, and make Bitcoin assets accessible to Ethereum and EVM users – uniting two of the largest Web3 power user ecosystems.”
Edited by Ryan Ozawa.
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