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Just days after the halving that just ended, Build on Bitcoin (BOB) is now on its mainnet. This marks a major step forward in Bitcoin L2 innovation.
The launch of Build on Bitcoin marks a key moment in Bitcoin’s integration into decentralized finance (DeFi) with some of the largest venture capital firms leaning towards Bitcoin. Some of those entities are UTXO, ViaBTC, AntAlpha, and CMS Holdings. BOB, a hybrid layer-2 solution, merges the functions of Bitcoin (BTC) and Ethereum (ETH).
Precisely, it uses the optimal security and decentralization of Bitcoin, as well as the versatility of Ether. This cross-chain landscape improves security and liquidity. Beyond those features, it also unifies user bases, offering Americans effective equipment to navigate the cryptocurrency landscape more effectively. .
Alexei Zamyatin, co-founder of BOB, said those features will give BOB the opportunity to “make it easier for developers to build and deploy cutting-edge dapps without compromising security or scalability, while also having the highest liquidity and user bases in the industry. “
It should be noted that the rollout is designed to be rolled out in phases, and the first phase has already begun. To kick off Phase 1, more than 40 projects were submitted today. Another circular of more than 40 decentralized programs (dApps) and infrastructure projects. They are also expected to be published on the platform in the next two to three weeks.
After finalizing its latest initial investment circular in which it raised $10 million, the Build on Bitcoin protocol has seen exceptional momentum and has been followed by early adopters, resulting in its overall lock-up (TCL) exceeding $300 million.
This TVL is made up of other virtual assets, adding Bitcoin, Ethereum, and some stablecoins. The aforementioned circular was carried out through Castle Island Ventures with the participation of Coinbase Ventures, Mechanism Ventures, Bankless Ventures, and others.
Also in Phase 1, Build on Bitcoin has introduced its FUSION program, a formula that allows users to lock up tokens that grant them Spice emissions. These emissions are a testament to the user’s active participation and contribution to the BOB eco-formula. The BOB platform is now making plans to release the second season of the Fusion show.
In the next phases, BOB plans to integrate Bitcoin’s proof-of-work (PoW) security and transactions to be settled in Bitcoin and Ethereum, leveraging BitVM to enhance security.
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