The Build on Bitcoin (BOB) Project Launches Mainnet
The Build on Bitcoin (BOB) project has announced the launch of its mainnet, providing access to over forty decentralized applications (DApps). BOB is a hybrid Layer 2 network that combines Bitcoin and Ethereum blockchains, allowing users to leverage BTC liquidity and the security benefits of the Proof of Work (PoW) consensus algorithm. Users can also utilize decentralized finance protocols (DeFi), smart contracts, wallets, and Ethereum-based stablecoins on the network.
Success and Future Plans
At the mainnet launch, the total value locked (TVL) on the BOB network exceeds $280 million. The project completed a $10 million seed funding round in April 2024, with participation from Coinbase Ventures. In the future, a cross-chain protocol is planned to enable asset movement from the Bitcoin blockchain to the BOB network. Additionally, a bridge for Ordinals, Runes, and BRC-20 tokens will be developed for easy integration into the network.
Future Development Stages
In the second stage of development, a «unified mining» tool will allow simultaneous mining of cryptocurrencies on multiple blockchains. The third stage includes the creation of a Bitcoin Virtual Machine (BitVM) to enhance the security of the cross-chain protocol. BOB aims to simplify Bitcoin integration into the DeFi space and provide EVM-compatible networks access to Bitcoin assets, offering developers tools to build projects on Bitcoin while scaling its security and decentralization without hard forks.
