Author: Just
When Bitcoin reaches its halving, the income of miners will be significantly reduced, which will bring considerable challenges to the entire Bitcoin ecosystem. Fortunately, Bitcoin L2 is expected to boost miners’ profits. BTC L2 BOB has its own solution that combines Bitcoin security with EVM liquidity, and allows Bitcoin miners to only verify through merged mining, without additional PoW and no additional electricity costs. BOB (Build on Bitcoin) is an L2 technology stack designed to support Bitcoin DeFi innovation and ecological development. Its feature consists of the security of Bitcoin PoW, supporting Bitcoin ecosystems such as Ordinals, Lightning and Nostr and full integration with EVM. Currently, BOB has launched on the Ethereum testnet Sepolia, and it plans to launch the main network around the Bitcoin halving.
Fundraising
BOB completed a $10 million seed round fundraising led by Castle Island Ventures and included participation from Mechanism Ventures, Bankless Ventures, CMS Ventures, UTXO Management, along with angel investors Dan Held and Domo, creator of the BRC-20 token standard.
Outlook
As the base layer, BOB can use any EVM rollup or chain. Initially, BOB launches on the OP stack including the upcoming ZK improvements by RiscZero and can be rolled up to Ethereum for 1-click onboarding of users, assets and liquidity. In addition, BOB can inherit Bitcoin security via a novel merged mining protocol (re-staking for Bitcoin). BOB’s ultimate goal is to settle directly on the Bitcoin L1.
How to participate
BOB has started the BOB spice harvest program Season 1. Current TVL exceeds $170M. Users can pledge Liquidity on BOB to harvest Spice. $1 asset value deposited grants 1 BOB Spice daily. Users’ pledged Liquidity will be unlocked on the launch day of the BOB mainnet. The mainnet is scheduled to go live around the Bitcoin halving in April. The current website shows that there are still 14 days left for Season 1. If the launch of mainnet is delayed, the assets will be automatically unlocked on May 15, 2024 at the latest (controlled by the time-locked contract). Certain liquidity generates more Spice, for example, pledging tBTC or WBTC can harvest 1.5x spice.
Bitcoin Square reference code：https://fusion.gobob.xyz/?refCode=w0vy50 Dev documents: https://docs.gobob.xyz/docs/build/getting-started/