After seeing Ni Da's share, I went to study BOB @buildonbob in detail. I originally thought it was just another shell doing layer two, but I did see some different things, and I also compared it with Goat @GOATRollup.

BTCFi now resembles the Ethereum ecosystem before the rise of OP and Arbitrum, with many attempts but no widely accepted mainstream paradigm yet.

After all these years, Bitcoin has such a large market value and so many holders, yet the on-chain activities are almost empty. The BTC L2 market has been observing which model of BTCFi can succeed.

Various bridging solutions are either centralized custody or have terrible user experiences.

The progress of BTCFi has always felt like a tug of war, grinding away.

1️⃣ BOB's approach can indeed serve as a new reference:

It is not the kind of L2 declaration that says "we have high TPS for Bitcoin layer two," but rather: we do not pursue TPS, nor do we seek cheap GAS; we just want to bring BTC in safely and natively, and then, like ETH, be able to stake, schedule, and automatically run DeFi logic.

To put it more bluntly: make Bitcoin no longer just "exist in accounts," but become the underlying capital pool, trust foundation, and security anchor for all on-chain activities.

2️⃣ How does it achieve this?

Three things make me feel they are not playing lightly:

BitVM + ZK bridging: It is not a centralized bridge, nor does it rely on multi-signature, but instead uses BitVM to verify cross-chain actions on the Bitcoin network, essentially communicating in "Bitcoin's own language," greatly enhancing security.

OP Stack + EVM compatibility: This means you are writing Ethereum smart contracts, but what is being invoked behind the scenes is BTC, no longer the ETH system.

Babylon's BTC staking mechanism: It allows staking BTC to obtain LST (liquid staking tokens), which can then be scheduled in DeFi scenarios. Once this matures, it could be the core component for the true explosion of BTCFi.

3️⃣ Current existing issues:

Of course, there are significant problems, even a bit of a reality check:

Currently, there is only one validator, the whitelist proposer; it has a bit of a centralized early beta feel; the fault-proof mechanism of OP Stack has not yet been launched, so strictly speaking, it is not "fully trustless."

Contracts can be upgraded instantly = there is no user exit window, which is not a small issue for a Bitcoin ecosystem that emphasizes security.

But from another perspective, I think this is exactly what a good project's early stage looks like: unlocking and dismantling while doing, rather than painting a full world in a PPT.

4️⃣ Some data:

BOB's TVL has now exceeded 70 million USD.

I specifically checked, and there are indeed a bunch of real users using it, not just fabricated data.

Moreover, these products are quite interesting: BTC Vault, BOB Earn, hybrid vaults: all focused on "giving BTC something to do."

5️⃣ Conclusion—

Recently, I studied the same track Goat @GOATRollup;

Although GOAT and BOB are both working on BTCFi and Bitcoin Layer 2, their technical paths, project visions, and development rhythms are completely different.

GOAT follows a lightweight L2 route, emphasizing fast interaction with BTC and EVM compatibility; technically, it leans towards Layer 2 infrastructure aggregation, aiming to facilitate BTC + ETH multi-chain interaction; it is more application-layer oriented, suitable for games, NFTs, liquidity applications, and launchpads, focusing on user-side activities.

BOB, on the other hand, is a hybrid BTC Layer 2, aiming to create "Ethereum on Bitcoin," which must possess BTC's security + ETH's programmability; it is more finance-layer oriented, suitable for building DEXs / Earn / vaults, focusing on BTC staking and lending.

Overall, what does BOB feel like to me?

It feels like discovering an early Arbitrum, except that behind it is not ETH, but BTC.

Although BOB still has many areas that are not fully decentralized, and the token has not yet been launched, I genuinely believe: if this idea can work, BTC will no longer just be a "vault" for value storage, but can become a "means of production" that participates in generating profits—then the entire DeFi ecosystem may be completely rewritten.

If you are optimistic about BTCFi in the long term and have a technical investment perspective, BOB is more worth lurking and following;

But if you want to participate in more interactive activities and hope to ambush potentially quickly launching community projects, GOAT is more suitable for you as a short to medium-term involvement.

This track is still worth long-term research; please add any other areas of focus!

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