In a significant milestone for Bitcoin-focused decentralized finance (DeFi) projects, the Bitcoin-influenced network, Build on Bitcoin (BOB), has officially launched its mainnet. With this launch, BOB unveils over 40 decentralized applications and an initial analytical lock up of $300 million. The mainnet launch is a critical step towards the growth of DeFi on the Bitcoin network, giving users a whole new range of opportunities to interact with blockchain technology and digital assets.
BOB’s mainnet launch marks the venture into Bitcoin-based DeFi markets by providing a robust platform for decentralized applications. BOB, a part of the Ethereum rollup, epitomizes a hybrid layer-2 network that encompasses worldwide acceptance, liquidity, proof-of-work security, smart contract functionality, and much more. Its launch ushers in a new era for decentralized applications and the blockchain.
Founded by a Bitcoin DeFi developer this March, BOB has progressed rapidly, expanding its services to the Ethereum ecosystem. According to BOB co-founder, Alexei Zamyatin, the company is forming key partnerships and is deeply invested in developing effective BTC bridge infrastructure. Development targets include scalability issues and the seamless integration of BTC into the DeFi system.
Zamyatin and BOB have succinct key goals – to streamline the liquidity transition from BTC to BOB and to optimize Bitcoin Ordinals and Runes.
Expanding the DeFi landscape with Bitcoin mainnet
Through strategic planning, they intend to enable users to maximize their Bitcoin investments with minimal hassle. This implies a user-friendly operation that empowers users while enhancing access and efficiency.
Recognizing the current limitations of the Bitcoin platform, the BOB team is harnessing the power of Ethereum to facilitate the incorporation of BTC into DeFi. Despite difficulties, the team is hopeful these challenges can be maneuvered, making the most of BOB’s potential benefits.
Emphasizing ‘merged mining’, Zamyatin envisions a growth path for BOB that strengthens Bitcoin’s security without disrupting its mining process. Alongside this, he stresses the need for the development of a DeFi ecosystem within BOB. The goal being to establish BOB as a crucial player in the crypto market, combining the strengths of Bitcoin and Ethereum.
To expedite user adoption, BOB is utilizing ‘Fusion,’ an initiative to enhance total value locked (TVL) and user numbers via decentralized applications. “Our mission is to make BTC deployment into DeFi super easy,” Zamyatin pointed out. This highlights the goal of introducing Bitcoin assets to Ethereum and EVM users. At the heart of it, the aim is user-friendliness and superior transaction experiences.
BOB’s aspirations go beyond just increasing numbers, the platform aims to reshape the DeFi landscape by uniting BTC and ETH, working towards a future of a truly decentralized Internet. For that, ‘Fusion’ stands as the embodiment of BOB’s approach to create a more open and inclusive DeFi sector.
