Bitcoin
Build on Bitcoin launches mainnet with over 40 applications
O Build on Bitcoin (BOB) announced the launch of its first phase on Wednesday, allowing decentralized applications – dapps – to interact with the world’s leading blockchain.
BOB mainnet is online with $300 million in total value locked (TVL) and 40+ dapps already available, the team he said on Twitter, declaring “a DeFi summer powered by Bitcoin” with more to come over the next three weeks.
Build on Bitcoin aims to be a hybrid layer 2 network, an “Ethereum rollup” that merges Bitcoins global adoption, liquidity and proof-of-work security with the decentralized finance (DeFi) capabilities of Ethereum: smart contracts, wallets and access to stablecoins.
In March, Bitcoin DeFi developer Sovryn used Build on Bitcoin to expand its offerings to the Ethereum ecosystem. Meanwhile, BOB is collaborating with Threshold’s BTC It is Wrapped BTC (WBTC).
“We currently work with the two main BTC bridge providers while working on our bridge infrastructure in parallel,” BOB co-founder Alexei Zamyatin told Decrypt. “We built a one-click on-ramp from Bitcoin to BOB that abstracts the complexity of the bridge and makes moving liquidity from BTC to BOB as easy as moving from ETH to an ETH L2 that goes live next week.”
Zamyatin said that Build on Bitcoin is also looking to provide a one-stop shop for Bitcoin Ordinals and Runes, working with teams that provide bridges for Ordinals, Runes and Runes. BRC-20 Tokens.
Image: Build on Bitcoin
While Bitcoin DeFi is the goal, the BOB team recognized that the number one blockchain is not ready, making “bootstrapping” on Ethereum necessary.
“Connecting to Ethereum follows a pragmatic implementation approach,” the team said. “Bitcoin rollups don’t work yet, but demand is high: Bitcoin users need access to stablecoins and DeFi, Ethereum users want to use their BTC and have access to Ordinals, Runes and BRC-20s.”
“It’s time to end the cult feuds and unite the two largest Web3 ecosystems to lead mass adoption together,” declared BOB.
According to Zamyatin, the next phase of BOB development will achieve Bitcoin proof-of-work through “merged mining,” increasing security without disrupting Bitcoin mining. Merged mining refers to the process of mining two or more blockchains at the same time.
“Previous merged mining instances suffered from slow block times (30 seconds to 1 minute) due to Proof of Work limitations,” he said.
Finally, the planned third phase will introduce BitVM, enabling a secure BTC bridge with fraud proofs similar to Ethereum bridges, explains BOB, ensuring secure BTC deposits enforced by Bitcoin nodes.
“This ensures that users bridging BTC can be assured that their deposits are safe and security is enforced by all Bitcoin full nodes – as long as there is at least one person online to submit proof of fraud,” he said, noting Arbitrum on Ethereum.
To attract more users to its platform, Zamyatin aimed for a BOB merger program which the company is using to drive adoption through dapps that increase TVL and number of users.
According to the Build on Bob website, the total value locked on the platform is currently over US$279 million.
“The first season of BOB Fusion attracted 300 million in TVL from 33,000 users in 4 weeks,” said Zamyatin. “BOB Season 2, released today, had $64 million in TVL inflows to the network in less than 12 hours.”
“Our mission is to make deploying BTC in DeFi super easy,” said Zamyatin. “Think Yearning for Finance for Bitcoin and make Bitcoin assets accessible to Ethereum and EVM users – uniting the two largest web3 power user ecosystems.”
Edited by Ryan Ozawa.