Source: Bi Li Dao Mu Shou

BOB belongs to a new type of L2: Hybrid L2. BOB is secured by BTC L1, the most secure L1, and uses this security to create a trustless bridge to connect BTC, ETH and other L1 blockchains. Therefore, Hybrid L2 does not rely on third-party bridging tools to achieve interoperability, while solving the problem of decentralized BTC multi-chain liquidity.

Note: Hybrid L2 is a BTC L2 solution designed to solve the main challenges of scaling DeFi on BTC L1.

The BOB project is positioned in the second-layer solutions and DeFi (decentralized finance) fields of Bitcoin, especially in promoting interoperability between the Bitcoin and Ethereum ecosystems. By combining the security of Bitcoin with the smart contract capabilities of Ethereum, BOB aims to expand the functionality of Bitcoin to support complex financial applications that are not possible on the traditional Bitcoin network.

How BOB works:

Hybrid L2 combines the security of Bitcoin and BitVM2 to build a trust-minimized bridge. Powered by the power of the Bitcoin network, assets can be moved seamlessly between Bitcoin, Ethereum and elsewhere without relying on third-party bridges. The bridge design requires only one real node in the network and does not require multi-protocol setups that require security trade-offs.

is mainly reflected in the three core technologies of cross-chain bridging, light client and BitVM.

Light client: BTC L1’s light client protocol allows nodes to perform payment verification without downloading the complete blockchain data, has verifiable security, and can be used by other nodes with smart contract functions Blockchain verification.

Cross-chain bridge: Through the light client bridge, chain A and chain B can verify their respective consensus protocols through smart contracts to achieve trustless bridging of assets.

BitVM: A mechanism that performs arbitration procedures on BTC L1 in OP mode, allowing users to deposit and withdraw BTC from L2. As long as there is an honest node in the network, the deposit cannot be stolen.

1. Security

BOB utilizes Bitcoin’s proof-of-work (PoW) security model and merges mining technology to provide The same level of security as Bitcoin. This means that any attempt to attack BOB must also be sufficient to attack Bitcoin itself, which is practically unfeasible since Bitcoin's network is currently the largest and most secure PoW network.

2. DeFi and smart contract applications

BOB not only supports basic Bitcoin transactions, but also enables complex financial instruments and services (such as lending platforms, automated market making) through smart contracts Business (AMM) and stablecoins) can be implemented on Bitcoin. This expands the application scope of Bitcoin, making it a more comprehensive financial solution

3. Innovative financing and community incentive mechanisms

The BOB project uses fusion points and airdrop mechanisms Encourage community engagement and network growth. These incentives not only increase user participation, but also help maintain and develop BOB’s ecosystem.

4. Open and scalable architecture

BOB’s architecture is designed to support future upgrades and expansions, including support for new cryptographic primitives and technologies, such as zero-knowledge proofs and Off-chain computing solutions. This ensures that BOB can adapt to future market demands and technological developments.

Seed Round Financing: In March 2024, the BOB project completed a $10 million seed round of financing. Lead investor: Castle Island Ventures

Participating investors: Mechanism Ventures, Bankless Ventures, CMS Ventures, UTXO Management, etc.

Strategic round of financing: In July 2024, the BOB project completed a strategic round of financing of US$1.6 million.

Leader: Ledger Ventures

Participating investors: BlackRock, Rarible, Ordinals, Aave, Curve, Threshold, Magic Eden, Mechanism, Injective, Vessel Capital , Babylon and Centrifuge and other well-known institutions and project parties.

On October 25, the Bitcoin L2 project BOB released the Hybrid L2 white paper

On October 30, BOB received US$870,000 in funding from the Optimism Foundation. The ecosystem has previously attracted Coinbase and Kraken to join in and build its independent blockchain through the OP Stack toolkit.

In the future, the BOB project plans to launch Series A financing at the end of 2024, with an estimated target of US$30 million. The funds will be used to enhance the technical architecture, support further expansion of the incubator, as well as global market promotion and community building.

Project name: BOB

Track: BTC ly2 (Bitcoin second layer)

Release mechanism: lock 1, release 12

Estimated total market capitalization: 2-5 billion US dollars

Time to be listed: It is expected to be in early January 2025. Currently, TP wallet has been launched on the network

BOB Hybrid L2 Solved the problem of building decentralized gold on the basis of BTC L1systems are some of the most pressing challenges. It provides the necessary infrastructure to enable a wide range of users to join BTC L1 without relying on centralized service providers by creating a BTC bridge that inherits the security of BTC L1 and keeps trust minimal. At the same time, BOB is connected to Ethereum and other smart contract L1 chains through a trust-minimized bridge, preventing the fragmentation of BTC liquidity and providing a practical solution based on BTC L1 security for long-standing cross-chain interoperability issues. Solutions to make BTC the core of DeFi