Original | Odaily Planet Daily ( @OdailyChina )
Author | Asher ( @Asher_0210 )
BOB: The security of Bitcoin combined with all the innovative DeFi features on Ethereum
BOB is the abbreviation of Build on Bitcoin. It is an L2 technology stack designed to support Bitcoin DeFi innovation and ecological development. It not only inherits the security of Bitcoin PoW, supports Bitcoin ecosystems such as Ordinals, Lightning and Nostr, but is also fully compatible with EVM.
Bitcoins security mechanism is being introduced into the DeFi innovation of the Ethereum ecosystem. The BOB network attempts to guide Bitcoin to the center of DeFi activities and release a large amount of Bitcoin liquidity that was originally dormant on the chain. BOB provides a DeFi platform that combines Bitcoin security with Ethereum functionality, which is mainly reflected in the following three aspects:
Bitcoin-based security: BOB has been integrated with Babylon, and the Bitcoin Secure Network (BSN) provides security support for cross-chain operations and on-chain activities. Users can participate in Bitcoin staking through BSN, improving the security of assets throughout the cross-chain process.
Ethereum-compatible DeFi function: As a rollup of the Ethereum ecosystem, BOB supports low-cost and fast transaction execution, while connecting to decentralized exchanges, lending protocols, NFTs, blockchain games and other applications to provide users with a variety of on-chain services.
Trustless BTC deposit method: With the BitVM bridge, users can deposit BTC into BOB directly from the Bitcoin main chain without relying on a third-party custodian, further improving the trustlessness of the operation.
In general, BOB builds the security of DeFi interactions directly on the Bitcoin network, avoiding reliance on intermediaries and providing a different path option in current Layer 2 solutions.
According to ROOTDATA data , at the end of March 2024, BOB announced the completion of a US$10 million seed round of financing, led by Castle Island Ventures, with participation from Coinbase Ventures, Mechanism Ventures, Bankless Ventures, CMS Ventures and UTXO Management, as well as some angel investors.
On July 2, BOB announced that it has officially enabled native BTC in its BitVM testnet. After the testnet is launched, the BitVM bridge and native BTC will be launched on the BOB mainnet in the fourth quarter of 2025.
BOB cross-chain interactive tutorial
Interactive link: https://bitvm-testnet.gobob.xyz/zh
STEP 1. After entering the interactive website, click Connect Wallet to connect the EVM wallet and BTC wallet respectively.
STEP 2. Get test coins (link: https://signetfaucet.com/ or https://signet257.bublina.eu.org/ ).
STEP 3. Complete the cross-chain interaction from BTC Signet to BOB Sepolia testnet.
A total of $350,000 worth of BOB tokens will be distributed to platform users, and the first reward will be distributed to COOKIE token stakers
Regarding the Cookie Snaps event, which rewards points and token airdrops, it is slightly different from the previous one. In this Cookie and BOB cooperation event, it is clearly stated that $50,000 of the total $350,000 worth of BOB tokens will be allocated to COOKIE token stakers ( click here for details: Interpretation of the new incentive model: up to 20% of Cookie Snaps rewards go directly to COOKIE stakers ). In addition, other details of this Cookie Snaps event include:
Reward distribution: $300,000 worth of BOB tokens will be distributed to the top 500 Snappers on the list, and $50,000 worth of BOB tokens will be distributed to COOKIE token stakers;
Activity duration: 3 months;
Token distribution: 40% of tokens will be unlocked during TGE.
Cookie Snaps is now available on BOB
The specific participation method is similar to the previous one. First, register an account on the Cookie.fun platform, and post more tweets on the X platform to introduce Cookie DAO and BOB to help the project gain greater influence. It is recommended to add tags such as #BOB and #snaps to facilitate better tracking on the platform. According to platform data, the current BOB Snaps list ranks first with BOB project co-founder alexei , who has 110.18 points in less than one day since going online, while the 100th on the list has only 1.62 points.
BOB Project Cookie Snaps Points Ranking
At present, the Bitcoin ecosystem is almost in a stagnant state, with very little market attention and few projects that can cause heated discussions. In this context, BOB, as the first Bitcoin ecosystem project to land on Cookie Snaps, is particularly rare. BOB not only combines the security advantages of Bitcoin and the DeFi innovation of Ethereum, but also releases dormant Bitcoin liquidity through cross-chain technology, injecting new vitality into the long-stagnant ecosystem.
As the price of Bitcoin continues to break through historical highs, more funds are expected to flow into the on-chain BTC ecosystem. At this time, BOB cooperated with Cookie, a highly discussed mouth-rolling platform, to attract more users to pay attention to the BTC ecosystem through token rewards, which may become a new opportunity to ignite the vitality of the BTC ecosystem. In the near future, whether BOB can bring about a wave of sector enthusiasm is worth continuous observation.
