BOB (Build on Bitcoin) is an innovative project built on the Bitcoin network, offering decentralized exchange (DEX) services and financial tools for users. The project focuses on enhancing trading experiences while encouraging the widespread adoption and development of Bitcoin.
With its Hybrid Layer 2 (L2) design, GoBob combines Bitcoin’s security with Ethereum’s DeFi innovations, revolutionizing Bitcoin’s financial applications with greater flexibility, lower costs, and faster transactions.
What is BOB – Build Everything on Bitcoin?
BOB is a Hybrid L2 solution that blends Bitcoin’s unmatched security with Ethereum’s DeFi capabilities.
Security of Bitcoin
BOB utilizes Bitcoin’s Proof-of-Work (PoW) security to enable safe BTC deposits and withdrawals. Its BitVM bridge ensures trust-minimized, stable operations requiring only one honest node, unlocking Bitcoin’s liquidity for DeFi applications.
Flexibility of Ethereum
BOB integrates Ethereum’s network effects, liquidity, and accessibility by operating a trust-minimized Ethereum bridge. This unique "Hybrid" bridge functions like an Ethereum L2 optimistic rollup but leverages Bitcoin’s finality for added security. As a result, ETH and ERC-20 tokens sent to BOB are secured by Bitcoin.
Components of the BOB Stack
The BOB platform comprises several key components:
- Rollup Layer
- Utilizes Bitcoin’s PoW security and native bridges to Ethereum.
- Initially launched on OP stack, with plans to introduce ZK rollup improvements via RiscZero.
- Long-term goal: Direct Bitcoin Layer 1 (L1) settlements using a merged mining protocol.
- EVM Core
- Employs the Ethereum Virtual Machine (EVM) for smart contract execution, ensuring compatibility with existing Ethereum tools and Solidity-based contracts.
- Rust zkVM
- Supports Bitcoin’s Rust libraries via RISC Zero zkVM. This allows off-chain Rust program execution verified through zero-knowledge proofs (ZKPs) on smart contracts.
- Bitcoin Bridges
- Provides trustless access to Bitcoin’s block and transaction data using a lightweight BTC client.
- Supports decentralized and institutional BTC bridges for peer-to-peer transactions and hash rate tokenization.
- BOB SDK
- Comprehensive development toolkit, including Solidity contracts, APIs, and enhanced wallet tools for unified BTC and EVM user experiences.
Key Products of BOB
- Bridge:
- Trust-minimized Ethereum bridge for secure asset transfers and interaction with DeFi applications on GoBob.
- Decentralized Exchange (DEX):
- Enables secure and efficient Bitcoin and other asset trading without relying on centralized platforms.
- Ordinals:
- Allows users to inscribe and send Ordinals, expanding Bitcoin’s utility.
- DeFi Tools:
- Includes asset tokenization, lending, and borrowing, opening new investment opportunities for users.
Highlighted Features
- User-Friendly Interface
- Intuitive design for both beginners and experienced traders, enabling seamless navigation and access to multiple features.
- Decentralized Trading
- Removes intermediaries for lower transaction fees and greater user control, aligning with Bitcoin’s core principles.
- Enhanced Security
- Built on Bitcoin’s network, ensuring robust asset protection for traders and investors.
- Native Liquidity
- Provides direct access to BTC liquidity through its Hybrid L2 design, facilitating efficient transactions without cross-chain conversions.
- Community Engagement
- Promotes knowledge-sharing and collaboration through educational resources, forums, and active social media participation.
BOB Rollup Roadmap
BOB’s L2 will launch in multiple phases, with each phase enhancing security and functionality:
Phase 1: Optimistic BOB
- Initial launch as an optimistic rollup on Ethereum using OP stack.
- Settlement on Ethereum L1 with support for stablecoins (USDT, USDC), ETH/stETH, and ERC-20 tokens.
- Tracks Bitcoin state via a BTC light client.
Phase 2: Bitcoin PoW Security + ETH Optimistic Rollup
- Introduces Bitcoin PoW security to the Ethereum rollup using a merged mining technique.
- Reduces reliance on sequencers by enabling Bitcoin miners to validate rollup states.
Phase 3: Bitcoin Optimistic Rollup + ETH ZK/Optimistic Rollup
- Integrates Bitcoin as a settlement layer.
- Leverages BitVM for encoding fraud proofs without forking Bitcoin.
- Considers adding ZK for enhanced fraud proof handling and security.
Tokenomics
- Token Name: Build on Bitcoin
- Ticker: BOB
- Blockchain: BOB
- Total Supply: TBA
Use Cases:
- Transaction fee payments.
- Governance voting for ecosystem projects.
- Access to ecosystem features and services.
How to Use the BOB Bridge
- Connect Wallet:
- Link both EVM and BTC wallets for optimal functionality.
- Transfer or Withdraw Tokens:
- Select your network and token (ETH, USDT, WBTC, rETH, etc.).
- Use BOB Bridge or third-party bridges for transactions.
Additional features include Staking and BOB Fusion.
BOB Ecosystem
BOB’s ecosystem spans diverse projects:
- Staking: YieldFi, Arce, PumpBTC, Chakra.
- Bridge: Teleswap, Retrobridge, Hyperlane.
- Wallets: Binance Wallet, OKX Wallet, Subwallet.
Conclusion
BOB – Build on Bitcoin is a transformative project combining Bitcoin’s security with Ethereum’s flexibility to unlock new financial possibilities. With its hybrid L2 design, BOB offers unparalleled scalability, liquidity, and accessibility while maintaining Bitcoin’s core values of decentralization and security.
As BOB continues to expand its ecosystem and adopt cutting-edge technology, it is poised to become a pivotal player in the DeFi landscape, bridging the gap between Bitcoin and Ethereum for the benefit of users worldwide.
