- The Build on Bitcoin (BOB) initiative has announced the launch of its mainnet
- The protocol facilitates decentralized app (dapp) integration with the Bitcoin blockchain.
- BOB’s mainnet already boasts over $300 million in total value locked (TVL) and hosts 40 dApps
The Build on Bitcoin (BOB) initiative revealed yesterday that its mainnet has gone live, marking a significant step in decentralized app (dapp) integration with the Bitcoin blockchain. With over $300 million in total value locked (TVL) and 40 dApps already onboard, BOB’s approach focuses on creating a hybrid layer-2 network, blending Bitcoin’s widespread adoption and security with Ethereum’s DeFi capabilities. This initiative paves the way for seamless transactions and smart contract functionalities on Bitcoin, offering users enhanced utility and flexibility.
Best of Both Worlds
At its core, Build on Bitcoin aims to establish itself as a hybrid layer-2 network, often referred to as an “Ethereum rollup,” seamlessly merging Bitcoin’s unparalleled global adoption, liquidity, and proof-of-work security with the DeFi functionalities inherent in Ethereum, including smart contracts, wallets, and access to stablecoins.
The journey towards Bitcoin integration in the DeFi landscape began earlier this year when Bitcoin DeFi developer Sovryn embraced BOB to extend its services into the Ethereum ecosystem. BOB has also forged strategic partnerships with Threshold’s tBTC and Wrapped BTC (WBTC), underscoring its commitment to bridging the gap between Bitcoin and DeFi.
The BOB team announced on X yesterday that it has pushed the big green button on its mainnet, marking a huge milestone in the project’s ambitions:
Exciting News (literally)❗@Unchained_pod has featured the launch of BOB’s Mainnet.
This is how BOB is “spearheading the Bitcoin Layer 2 renaissance and blending the best of Bitcoin and Ethereum” ⤵️https://t.co/Sx4BniA9KP
— BOB (Mainnet Live) (@build_on_bob) May 1, 2024
The initiative’s hybrid layer-2 network approach seeks to capitalize on Bitcoin’s global adoption and robust proof-of-work security while harnessing Ethereum’s smart contract functionalities and access to stablecoins.
BitVMX Aims for Similar Sucess
In a parallel development, Sergio Lerner, co-founder of Rootstock Labs, has unveiled ambitious plans for BitVMX—a groundbreaking project poised to enhance Bitcoin’s programmability and scalability. Lerner explained his vision for BitVMX in a recent talk at the Bitcoin++ conference in Austin, Texas :
BitVMX represents a significant step forward in unleashing Bitcoin’s full potential as a programmable blockchain. Our goal is to empower developers and users alike to explore new possibilities in decentralized finance and beyond.
Rootstock Labs’ dedication to advancing BitVMX was underscored in a recent blog post in which the team emphasized its commitment to building upon existing innovations, saying that the protocol “represents the culmination of years of research and development, offering a robust framework for running programs on the Bitcoin blockchain.”
As these initiatives gain momentum, industry experts anticipate a potential shift in the way Bitcoin is used, as we have seen with Ordinals. We can, of course, expect pushback from Bitcoin purists and maximalists, but with a focus on collaboration and continuous improvement, BOB and BitVMX can lead the charge toward a more inclusive and innovative financial ecosystem, redefining the way we interact with Bitcoin.
