Original | Odaily Planet Daily
Author | Nan Zhi
Bounce Brand announced on X platform that the Bitcoin staking chain BounceBit is officially launched. Users can stake tokens such as WBTC, BTCB, AUCTION, MUBI, and DAII to earn points. BounceBit is supported by Binance-backed organizations Ceffu, Mainnet Digital, and Breyer Capital.
What is BounceBit
BounceBit is a Bitcoin staking chain based on the PoS mechanism, aiming to create a powerful smart contract execution environment for Bitcoin. BounceBit emphasizes that it is not a Layer 2 built on the Bitcoin blockchain, but a Layer 1 ecosystem using the PoS mechanism.
BounceBit is EVM-compatible and focuses on native BTC security and compatibility, recognizing and incorporating assets such as BTCB on the BNB chain and WBTC on Ethereum, diversifying BTC use cases, expanding ecosystem participation, and enriching the entire BTC asset category.
BounceBit introduces a dual-token staking system, where validators need to hold both the native BounceBit token (yet to be named) and BTC. The earnings for BounceBit holders include income distribution and governance rights.
BounceBit's security is provided by the native BTC network and the CeFi foundation, with the latter implementing regulatory custody through Mainnet Digital and Binance-backed organization Ceffu. The operation process is as follows:
(Odaily Planet Daily note: Ceffu states on its website that it is the "sole institutional custody partner of Binance Exchange." Last year, U.S. regulators described Ceffu as a "mysterious entity related to Binance.")
Users deposit BTC into Binance, then withdraw to the BNB Chain, where the tokens will automatically convert to BTCB.
Deposit BTCB through the official link of BounceBit.
BTCB will be transferred to the regulated entity Mainnet Digital for custody, and users will receive BTCB and LSD token incentives.
Users can use LSD tokens to participate in a range of asset management services.
Users can choose to cross-chain LSD tokens to the BounceBit chain for ecosystem participation.
Users can also stake LSD tokens to validator nodes.
Bitcoin Interest Mechanism
In the Bitcoin ecosystem, asset interest poses a unique challenge, distinct from chains like Ethereum. With BTC being restricted in multi-signature wallets, mainstream Bitcoin protocols currently cannot generate returns. BounceBit aims to build a decentralized validator network through the PoS mechanism, transforming BTC from a passive asset to an actively interest-bearing asset. BounceBit introduces three types of earnings for users:
CeFi: Rewards through regulated custody by Mainnet Digital and Binance Mirror, as well as various asset management services.
Rewards for staking and PoS mining node operation.
DeFi yield derived from the BounceBit ecosystem applications.
BounceBox
In addition to the interest mechanism, BounceBox is another key element of BounceBit. BounceBox is an application building and distribution platform that enables users to quickly design, launch, and monitor DApps. With intuitive design and rich component supply, BounceBox provides components including decentralized exchanges (DEX), IDO products, and trading markets, simplifying the DApp development process and aiming to enable users with minimal technical knowledge to easily build DApps.
"The Water Margin" TVL Event
Currently, BounceBit has launched a TVL event called "The Water Margin," where users can earn BounceBit points through the activity. Users can stake BTCB on the BNB Chain and WBTC, AUCTION, MUBI, and DAII on Ethereum. All deposited funds will be available for withdrawal when the BounceBit mainnet launches in May 2024.
Similar to Blast, the rules for earning points in this activity are as follows:
Earn points based on the deposited USD amount.
Earn points based on the USD amount deposited by invitees and their referrals.
For directly invited teams, every cumulative deposit of 0.1 BTC will give both parties a chance to win a Boost draw. This may result in obtaining a Swift card or Boost card, which comes in multiple levels (R, SR, SSR) and can earn additional point rewards.
Roadmap
BounceBit will launch its testnet in March, mainnet on April 23, airdrop in May, and open BounceBit point redemption and asset withdrawal.
Conclusion
BounceBit's interest mechanism and low-code development innovation are relatively low, but the involvement of BounceBit's supporting institutions and Bounce Brand's promotion and support for BTCB, backed by a certain degree of Binance background, have given it a certain level of participation value, with TVL exceeding tens of millions of dollars within 10 minutes of launch.
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