Only a few days after the just concluded halving event, Build on Bitcoin (BOB), is now live on its mainnet. This marks a significant advancement in Bitcoin L2 innovation.
Build on Bitcoin Bringing the Best of Two Worlds
The launch of Build on Bitcoin signifies a key moment in Bitcoin’s integration into Decentralized Finance (DeFi) with support from some of the top Bitcoin-inclined venture capital firms. A few of these entities are UTXO, ViaBTC, AntAlpha, and CMS Holdings. As a hybrid Layer-2 solution, BOB merges the capabilities of both Bitcoin (BTC) and Ethereum (ETH).
Precisely, it utilizes Bitcoin’s top security and decentralization as well as Ether’s versatility. This cross-chain landscape enhances security and liquidity. Beyond these functionalities, it also unifies user bases, presenting individuals with efficient tools to navigate the cryptocurrency landscape more effectively.
Alexei Zamyatin, co-Founder of BOB claimed that these functionalities will afford BOB the opportunity to “empowers developers to easily build and deploy innovative dapps without compromising on security or scalability, while having access to the largest liquidity and user bases in the industry.”
Noteworthy, the launch is designed to unleash in phases and the first phase has already started. To bootstrap Phase 1, more than 40 projects were launched as it went live today. Another bout of 40+ Decentralized Applications (dApps) and infrastructure projects are also expected to go live on the platform within the next two to three weeks.
Features of BOB Phase 1
Upon closing its most recent seed fund round where it secured $10 million, the Build on Bitcoin protocol has registered outstanding momentum and adoption by early adopters, causing its Total Value Locked (TCL) to push above $300 million.
This TVL was made up of different digital assets including Bitcoin, Ethereum, and a few stablecoins. The aforementioned round was led by Castle Island Ventures with participation from Coinbase Ventures, Mechanism Ventures, Bankless Ventures and others.
Still in Phase 1, Build on Bitcoin started its FUSION program, a scheme that allows users to lock multiple tokens that earn them Spice points. These points are a show of a user’s active involvement and contribution to the BOB ecosystem. The BOB platform is now looking to launch season two of the Fusion program.
In the next phases, BOB plans to integrate Bitcoin’s Proof-of-Work (PoW) security and transactions that will settle on both Bitcoin and Ethereum, leveraging BitVM for enhanced security.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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