BOB Unites Bitcoin and Ethereum

The Build on Bitcoin (BOB) project has ignited excitement in the cryptocurrency community with the launch of its inaugural phase, introducing a groundbreaking interface that allows decentralized applications (dapps) to leverage the capabilities of the leading blockchain.

On Wednesday, BOB announced the activation of its mainnet, boasting $300 million in total value locked (TVL) and the immediate availability of over 40 dapps. This development heralds what the team has coined a “Bitcoin-driven DeFi summer,” promising an expansion of offerings within the next three weeks.

BOB aims to seamlessly integrate the strengths of Bitcoin and Ethereum through a hybrid layer-2 solution, described as an “Ethereum rollup.” This platform combines Bitcoin’s extensive adoption and robust security with Ethereum’s versatile DeFi functionalities, including smart contracts and stablecoin access.

In March, Bitcoin DeFi innovator Sovryn expanded its Ethereum services using BOB. The project is also collaborating with major Bitcoin bridge providers such as Threshold’s tBTC and Wrapped BTC (WBTC), enhancing its infrastructure.

Alexei Zamyatin, the co-founder of BOB, shared insights, explaining that BOB facilitates a simplified liquidity transfer from Bitcoin to BOB, akin to transferring assets to an Ethereum layer-2 network. This development is slated to go live next week.

Furthermore, BOB is set to support Bitcoin Ordinals and Runes, collaborating with teams that specialize in bridging these assets along with BRC-20 tokens. This move addresses the high demand from users on both Bitcoin and Ethereum platforms who seek broader accessibility and integration of their digital assets.

Acknowledging the current limitations of Bitcoin for direct DeFi applications, BOB’s strategy includes a pragmatic, phased rollout starting with connections to Ethereum. This approach aims to unite the two largest Web3 ecosystems, moving past the traditional “cult-like feuds” to foster mass adoption.

Zamyatin detailed the forthcoming phases of BOB’s roadmap, which include implementing “merged mining” to enhance security without affecting existing Bitcoin mining operations, and eventually introducing BitVM—a secure BTC bridge with fraud proofs to ensure safe and reliable transactions.

The BOB platform has already attracted significant attention, with its fusion program drawing $300 million in TVL from 33,000 users in just four weeks. The launch of BOB Season 2 today witnessed a remarkable $64 million influx in on-chain TVL in under 12 hours.

Zamyatin’s vision is clear: to simplify Bitcoin integration into DeFi, akin to what Yearn Finance has achieved, thereby making Bitcoin assets readily accessible to Ethereum and EVM users, bridging the gap between the two dominant Web3 ecosystems.