Original | Odaily (@OdailyChina)
Author | Asher (@Asher_0210)
BOB: Combining Bitcoin's Security with DeFi Innovations on Ethereum
BOB, an abbreviation for "Build on Bitcoin", is a Layer 2 technology stack aimed at supporting Bitcoin DeFi innovation and ecosystem development. It not only inherits Bitcoin's PoW security and supports Bitcoin ecosystem components like Ordinals, Lightning, and Nostr, but is also fully compatible with EVM.
Bitcoin's security mechanism is being introduced into Ethereum ecosystem's DeFi innovations. The BOB network attempts to guide Bitcoin to the center of DeFi activities, releasing the massive Bitcoin liquidity that has been dormant on-chain. BOB provides a DeFi platform that combines Bitcoin's security with Ethereum's functionality, primarily manifested in three aspects:
Bitcoin-Based Security Guarantee: BOB has integrated with Babylon, the Bitcoin Secure Network (BSN), providing security support for cross-chain operations and on-chain activities. Users can participate in Bitcoin staking through BSN, enhancing asset security throughout the cross-chain process.
Ethereum-Compatible DeFi Functions: As a rollup in the Ethereum ecosystem, BOB supports low-cost, fast transaction execution, and connects to decentralized exchanges, lending protocols, Non-Fungible Tokens, and blockchain games, offering users diverse on-chain services.
Trustless BTC Deposit Method: Using the BitVM bridge, users can directly deposit BTC from the Bitcoin mainnet to BOB without relying on third-party custodians, further enhancing the trustless nature of operations.
Overall, BOB establishes the security of DeFi interactions directly on the Bitcoin network, avoiding dependence on intermediaries, and provides a different path among current Layer 2 solutions.
According to ROOTDATA, in late March 2024, BOB announced the completion of a $10 million seed round, led by Castle Island Ventures, with participation from Coinbase Ventures, Mechanism Ventures, Bankless Ventures, CMS Ventures, UTXO Management, and some angel investors.
On July 2nd, BOB announced the official activation of native BTC in its BitVM testnet. After the testnet launch, the BitVM bridge and native BTC will go live on the BOB mainnet in the fourth quarter of 2025.
BOB Cross-Chain Interaction Tutorial
Interaction Link: https://bitvm-testnet.gobob.xyz/zh
STEP 1. After entering the interaction website, click to connect wallets, connecting both EVM and BTC wallets.
STEP 2. Obtain test coins (Links: https://signetfaucet.com/ or https://signet257.bublina.eu.org/).
STEP 3. Complete cross-chain interaction from BTC Signet to BOB Sepolia testnet.
Total of $350,000 in BOB Tokens to be Distributed to Platform Users, with First Rewards Allocated to COOKIE Token Stakers
[Rest of the translation follows the same principles, maintaining the original structure and specific terminology translations]
