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Build on Bitcoin Project Launches First Phase for Decentralized Apps Interoperability
The Build on Bitcoin (BOB) project recently revealed the commencement of its inaugural phase, facilitating the interaction between decentralized applications (dapps) and the leading blockchain networks worldwide.
With the BOB mainnet now live, boasting a substantial $300 million in total value locked (TVL) and a diverse array of over 40 dapps already accessible, the team expressed their enthusiasm for what they foresee as a “Bitcoin-driven DeFi summer,” with additional developments poised to unfold over the next three weeks.
Designed as a hybrid layer-2 network, BOB aims to function as an “Ethereum rollup” that merges the extensive global adoption, liquidity, and proof-of-work security features of Bitcoin with the advanced decentralized finance (DeFi) functionalities of Ethereum, including smart contracts, wallets, and access to stablecoins.
Notably, Bitcoin DeFi developer Sovryn tapped into the Build on Bitcoin infrastructure back in March to broaden its services within the Ethereum ecosystem. Concurrently, BOB has established partnerships with prominent BTC bridge providers such as tBTC and Wrapped BTC (WBTC) to bolster its ecosystem’s interoperability.
BOB’s co-founder, Alexei Zamyatin, outlined the platform’s seamless onramp from Bitcoin to BOB, simplifying the process of transferring liquidity from BTC to BOB akin to moving assets within the Ethereum L2 environment set to go live in the imminent week.
Enhancing Accessibility for Bitcoin Assets
With a strategic focus on expanding the realm of Bitcoin-native DeFi applications, the BOB team acknowledged the ongoing development challenges hindering Bitcoin rollups’ readiness, necessitating an intermediary reliance on Ethereum infrastructure to bolster the user experience for Bitcoin Ordinals, Runes, and BRC-20 tokens.
By leveraging Ethereum’s established framework, BOB endeavors to facilitate effortless deployment of BTC assets into DeFi for Bitcoin and Ethereum users alike, fostering a harmonious convergence of the two dominant Web3 ecosystems towards accelerated mainstream adoption.
The upcoming phases of Build on Bitcoin’s evolution are slated to introduce innovative solutions such as merged mining to reinforce Bitcoin’s proof-of-work mechanism, thereby fortifying security measures without disrupting the core Bitcoin mining operations.
Furthermore, the implementation of BitVM in the final phase aims to establish a secure Bitcoin bridge equipped with fraud-proof mechanisms akin to Ethereum’s bridge models, ensuring robust measures for safeguarding BTC deposits backed by the collective security oversight of Bitcoin nodes.
Promoting Engagement through Fusion Strategies
As part of its outreach endeavors, BOB has initiated a fusion program to bolster platform adoption through the integration of dapps that augment TVL and user base figures. The company’s concerted efforts have already witnessed significant success, with the total value locked on the platform surpassing $279 million.
Looking ahead, Zamyatin emphasized the platform’s commitment to simplifying BTC deployment within the DeFi landscape, envisioning a dynamic environment reminiscent of Yearn Finance tailored for Bitcoin assets while bridging the accessibility gap for Ethereum and EVM users, thereby fostering a cohesive synergy between the two prominent web3 ecosystems.
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