- The Build on Bitcoin (BOB) project announces the launch of its first phase, enabling decentralized apps to interact with the world’s top blockchain.
- BOB mainnet comes online with $300 million in total value locked and over 40 dapps available.
- BOB aims to be a hybrid layer-2 network, merging Bitcoin’s global adoption, liquidity, and proof-of-work security with Ethereum’s DeFi features.
Build on Bitcoin (BOB) launches its first phase, bringing decentralized apps closer to the world’s top blockchain. With $300 million in total value locked and over 40 dapps ready, BOB is set to revolutionize the DeFi landscape.
BOB: A New Era for Bitcoin and Ethereum
BOB is designed to be a hybrid layer-2 network, merging the global adoption, liquidity, and proof-of-work security of Bitcoin with the decentralized finance (DeFi) features of Ethereum. This includes smart contracts, wallets, and access to stablecoins. The project is collaborating with leading BTC bridge providers while working on its bridge infrastructure.
Bitcoin DeFi: The Goal and the Challenges
While the ultimate goal is Bitcoin DeFi, the BOB team acknowledges that the Bitcoin blockchain is not ready for such a transition, making “bootstrapping” on Ethereum necessary. The team aims to enhance user experience for Ordinals, Runes, and BRC-20s and make BTC deployment into DeFi super easy for both Bitcoin and Ethereum users.
Future Developments: Merged Mining and BitVM
The next phase of BOB’s development will achieve Bitcoin proof of work via “merged mining,” enhancing security without disrupting Bitcoin mining. The third planned phase will introduce BitVM, enabling a secure BTC bridge with fraud proofs similar to Ethereum’s bridges, ensuring safe BTC deposits enforced by Bitcoin nodes.
Conclusion
BOB is set to revolutionize the crypto landscape by merging the strengths of Bitcoin and Ethereum. With its pragmatic rollout approach and future developments, it aims to spearhead mass adoption and make BTC deployment into DeFi super easy. The project has already attracted significant interest, with $300 million in total value locked and over 40 dapps available at launch.
