Original | Odaily Planet Daily (@OdailyChina)
BOB: Combining Bitcoin's Security with All Innovative DeFi Functions on Ethereum
BOB stands for "Build on Bitcoin," and it is an L2 technology stack designed to support Bitcoin DeFi innovation and ecosystem development. It not only inherits the PoW security of Bitcoin and supports the Bitcoin ecosystem, including Ordinals, Lightning, and Nostr, but is also fully compatible with EVM.
The security mechanism of Bitcoin is being introduced into the DeFi innovations of the Ethereum ecosystem. The BOB network aims to position Bitcoin at the center of DeFi activities, releasing a large amount of Bitcoin liquidity that has been dormant on-chain. BOB provides a DeFi platform that combines Bitcoin's security with Ethereum's functionality, mainly reflected in the following three aspects:
Bitcoin-based Security Assurance: BOB has integrated with Babylon, and the Bitcoin Secure Network (BSN) provides security support for cross-chain operations and on-chain activities. Users can participate in Bitcoin staking through BSN, enhancing the security of assets throughout the cross-chain process.
Ethereum-Compatible DeFi Functions: As a rollup of the Ethereum ecosystem, BOB supports low-cost, fast transaction execution while connecting to decentralized exchanges, lending protocols, NFTs, and blockchain games, providing users with a variety of on-chain services.
Trustless BTC Deposit Method: With the BitVM bridge, users can directly deposit BTC from the Bitcoin main chain into BOB without relying on third-party custodians, further enhancing the trustless nature of the operation.
In summary, BOB directly establishes the security of DeFi interactions on the Bitcoin network, avoiding reliance on intermediaries and providing a different path choice among current Layer 2 solutions.
According to ROOTDATA data, by the end of March 2024, BOB announced the completion of a $10 million seed round financing, led by Castle Island Ventures, with participation from Coinbase Ventures, Mechanism Ventures, Bankless Ventures, CMS Ventures, UTXO Management, and several angel investors.
On July 2, BOB announced that it has officially enabled native BTC on its BitVM testnet. After the testnet goes live, the BitVM bridge and native BTC will launch on the BOB mainnet in the fourth quarter of 2025.
BOB Cross-Chain Step-by-Step Interaction Tutorial
Interaction link: https://bitvm-testnet.gobob.xyz/zh
STEP 1. After entering the interaction website, click to connect your wallet, connecting both the EVM wallet and the BTC wallet.
STEP 2. Claim test coins (links: https://signetfaucet.com/ or https://signet257.bublina.eu.org/).
STEP 3. Complete the cross-chain interaction from BTC Signet to BOB Sepolia testnet.
A total value of $350,000 in BOB tokens will be distributed to platform users, with the first rewards allocated to COOKIE token stakers
Regarding the Cookie Snaps event for point rewards and BOB token airdrop, this time, in collaboration with BOB, it is explicitly stated that $50,000 of the total value of $350,000 in BOB tokens will be allocated to COOKIE token stakers (click here for details: New Incentive Model Interpretation: Up to 20% Cookie Snaps Rewards Go Directly to COOKIE Stakers). Additionally, the other details of this Cookie Snaps event include:
Reward Distribution: $300,000 in BOB tokens will be distributed to the top 500 Snappers, and $50,000 in BOB tokens will be allocated to COOKIE token stakers;
Event Duration: 3 months;
Token Distribution: 40% of tokens will be unlocked at TGE.
Cookie Snaps has launched on BOB
The specific participation method is similar to previous ones. First, register an account on the Cookie.fun platform and tweet more on the X platform to introduce Cookie DAO and BOB to help the project gain greater influence. It is recommended to include hashtags like #BOB and #snaps in the tweets for better tracking by the platform. According to platform data, currently, the top rank in BOB's Snaps leaderboard is held by BOB project co-founder alexei, who has accumulated 110.18 points in less than a day since the launch, while the 100th place only has 1.62 points.
BOB Project Cookie Snaps Points Ranking Status
Currently, the Bitcoin ecosystem is almost in a "stagnant" state, with very low market attention and few projects able to generate heated discussions. In this context, BOB, as the first Bitcoin ecosystem project to land on Cookie Snaps, is particularly noteworthy. BOB not only combines the security advantages of Bitcoin with the DeFi innovations of Ethereum but also releases dormant Bitcoin liquidity through cross-chain technology, injecting new vitality into the long-stagnant ecosystem.
As Bitcoin prices continue to break historical highs, more funds are expected to flow into the on-chain BTC ecosystem. At this moment, BOB's collaboration with the highly discussed "mouth-to-mouth" platform Cookie, through token rewards, aims to attract more user attention to the BTC ecosystem, which may become a new opportunity to ignite the vitality of the BTC ecosystem. It is worth observing whether BOB can bring about a wave of sector enthusiasm.
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