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The Build on Bitcoin (BOB) project announced Wednesday the launch of its first phase of enabling decentralized apps (dapps) to interact with the world’s leading blockchain.
The BOB mainnet has a total value locked (TVL) of $300 million and is coming online with over 40 dapps already available. said He took to Twitter to declare a “Bitcoin-centric DeFi summer,” with more to come in the next three weeks.
Build on Bitcoin leverages Bitcoin’s global adoption, liquidity, and proof-of-work security with access to Ethereum’s decentralized finance (DeFi) capabilities: smart contracts, wallets, and stablecoins.
In March, Bitcoin DeFi developer Sovryn expanded its product to the Ethereum ecosystem with Build on Bitcoin. BOB is working with Threshold’s tBTC and Wrapped BTC (WBTC).
“We are currently working on our bridge infrastructure in parallel, working with two major BTC bridge providers,” said BOB co-founder Alexei Zamyatin. decryption. “We abstracted away the bridge complexity and built a one-click onramp from Bitcoin to BOB to make moving liquidity from BTC to BOB as easy as moving from ETH to ETH L2 next week.”
Zamyatin said Build on Bitcoin is also exploring ways to provide a one-stop shop for Bitcoin Ordinals and Runes by working with the team that provides bridges to Ordinals, Runes, and BRC-20 tokens.
Image: Building on Bitcoin
Although Bitcoin DeFi is the goal, the BOB team admits that the best blockchain is not ready and needs to be “bootstrapping” on Ethereum.
Why use Bootstrap?
Despite high demand, Bitcoin Rollup is not yet ready. Our approach leverages Ethereum’s established infrastructure to:
• Enhanced UX #ordinal number, #runes& #BRC20s. • Very easy deployment of BTC into DeFi for both Bitcoin and Ethereum users.
“Connecting to Ethereum follows a pragmatic rollout approach,” the team said. “Bitcoin Rollup is not live yet, but demand is high. Bitcoin users need access to stablecoins and DeFi, Ethereum users want to spend BTC and have access to Ordinals, Runes and BRC-20. “
“It’s time to end this pseudo-discord and unite the two largest Web3 ecosystems to drive mass adoption,” declared BOB.
According to Zamyatin, the next phase of BOB’s development will achieve Bitcoin proof-of-work through “merge mining” to increase security without interfering with Bitcoin mining. Merge mining refers to the process of mining two or more blockchains simultaneously.
“Existing merged mining instances suffered from slow block times (30 seconds to 1 minute) due to the limitations of proof-of-work,” he said.
Finally, the third planning phase will introduce BitVM to implement a secure BTC bridge with proof-of-fraud capabilities similar to the Ethereum bridge and ensure secure BTC deposits enforced by Bitcoin nodes, BOB explains.
“This allows users who connect their BTC to be confident that their deposits are safe and that security is enforced by all Bitcoin full nodes, as long as there is at least one person online who can provide anti-fraud documentation.” said Arbitrum. Ethereum.
To attract more users to the platform, Zamyatin pointed to the BOB convergence program that the company is using to drive adoption through TVL and dapps that increase the number of users.
According to the Build on Bob website, the total value locked on the platform currently stands at over $279 million.
“BOB Fusion Season 1 attracted 300 million TVL from 33,000 users in four weeks,” said Zamyatin. “BOB Season 2 launched today, generating $64 million in on-chain TVL inflows in less than 12 hours.”
“Our mission is to make it very easy to deploy BTC into DeFi,” Zamyatin said. “Think of Yearn Finance for Bitcoin and unify the two largest web3 power user ecosystems by giving Ethereum and EVM users access to Bitcoin assets.”
Edited by Ryan Ozawa.
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