As an experienced analyst in the cryptocurrency industry, I am thrilled to witness the launch of Build on Bitcoin (BOB) on its mainnet. This is a pivotal moment for Bitcoin’s integration into Decentralized Finance (DeFi), with backing from some of the top Bitcoin-focused venture capital firms such as UTXO, ViaBTC, AntAlpha, and CMS Holdings.
As a researcher studying the latest developments in Bitcoin, I’m excited to report that only a few days have passed since the last halving event, and now, Build on Bitcoin (BOB) has officially launched on its mainnet. This is an important milestone in the realm of Bitcoin L2 innovation.
Build on Bitcoin Bringing the Best of Two Worlds
The introduction of Build on Bitcoin marks a pivotal point in Bitcoin’s involvement in Decentralized Finance (DeFi), backed by some prominent Bitcoin-focused venture capital firms. Among these backers are UTXO, ViaBTC, AntAlpha, and CMS Holdings. Acting as a hybrid Layer-2 solution, Build on Bitcoin combines the functionalities of both Bitcoin (BTC) and Ethereum (ETH).
In simpler terms, this system takes advantage of Bitcoin’s robust security and decentralization, as well as Ether’s flexibility. This interconnected world of blockchains boosts security and trading possibilities. Furthermore, it brings together various user communities, offering users streamlined solutions to manage the cryptocurrency market more proficiently.
Alexei Zamyatin, co-founder of BOB, stated that this platform would enable developers to effortlessly create and launch groundbreaking dapps, all while maintaining optimal security and scalability. Additionally, it offers the advantage of tapping into the most extensive liquidity and user pools within the industry.
As a researcher, I’d express it this way: The launch of this project is phased, with the first phase having commenced today. To initiate Phase 1, over forty initiatives were introduced, including decentralized applications (dApps) and infrastructure projects. In the upcoming two to three weeks, we anticipate the release of another forty or more dApps and infrastructure projects.
Features of BOB Phase 1
After successfully raising $10 million in its latest funding round for the Build on Bitcoin protocol, there has been significant progress and interest from early adopters. As a result, the Total Value Locked (TVL) has surpassed the $300 million mark.
As a crypto investor, I’d say: “The total value locked in this TVL consisted of various digital assets such as Bitcoin and Ethereum, along with some stablecoins. The latest funding round was headed by Castle Island Ventures, with contributions from Coinbase Ventures, Mechanism Ventures, Bankless Ventures, and other esteemed investors.”
In the initial stage, Build on Bitcoin’s FUSION program introduced by Still in Phase 1 allows users to stake multiple tokens, thereby accruing Spice points as a representation of their engagement and commitment towards the BOB ecosystem. The BOB platform is planning to initiate the second season of this program soon.
As a researcher studying BOB‘s upcoming developments, I can explain that in the forthcoming stages, BOB intends to incorporate the robust security mechanism of Bitcoin’s Proof-of-Work (PoW) and facilitate transactions that will be settled on both Bitcoin and Ethereum networks. To enhance security further, BOB will utilize BitVM as a crucial component in this integration process.
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2024-05-01 20:52