BOB｜ Hybrid L2 Leveraging Bitcoin's Security
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BOB｜ Hybrid L2 Leveraging Bitcoin's Security
Table of Contents
Project Details
What is BOB?
BOB is a new Layer 2 (L2) that integrates with the Ethereum DeFi ecosystem while leveraging Bitcoin's security. Traditionally, utilizing BTC in DeFi required the use of centralized multi-signature bridges, but BOB fundamentally changes this. BOB leverages Bitcoin's characteristics as the "most secure and decentralized network" to achieve trust-minimized cross-chain transactions.
Key Features of BOB
1. Leverages Bitcoin's Security
BOB ultimately inherits Bitcoin's security completely, realizing trust-minimized BTC deposits and withdrawals. By using BitVM technology, it employs a 1-of-n security model, establishing a mechanism where the network's security is maintained if a single honest node exists.
2. Integrates with Ethereum DeFi
BOB functions as an Ethereum L2, allowing ETH and ERC-20 tokens to operate under Bitcoin's security. It leverages Ethereum's network effects and liquidity, seamlessly integrating BTC into DeFi.
3. Provides a Trust-Minimized Bridge
BOB achieves a trust-minimized bridge between BTC and ETH. While applying the mechanism of ETH L2 optimistic bridges, it ultimately adopts Bitcoin's finality.
What is a Trust-Minimized Bridge?
A Trust-Minimized Bridge refers to a bridge that transfers crypto assets (virtual currencies) and digital assets between different blockchains safely and with as little reliance on trust as possible, without depending on centralized administrators (e.g., multi-sig operators or custodians).
BOB's Roadmap
BOB's development is progressing in three phases.
Phase 1: Launch as an Ethereum L2
- EVM-compatible L2 leveraging the OP Stack
- Integration with existing Ethereum wallets and dApps
- Support for multiple third-party BTC bridges
Phase 2: Introduction of Bitcoin's "Soft" Finality
- Verification of BOB chain state with the Bitcoin finality protocol
- Construction of a trust-minimized BTC bridge using BitVM
- Reduction of Ethereum bridge withdrawal time (7 days → several hours)
Phase 3: Complete Inheritance of Bitcoin's Security
- Posting BOB's state transition proofs to the Bitcoin L1
- Adoption of an optimistic verification model, utilizing the BTC main chain as a data availability layer
- Establishment of an economically sustainable model
BOB Gateway
BOB offers "BOB Gateway" to bridge BTC to the Ethereum L2. This is a mechanism that allows Bitcoin (BTC) to be used securely on other blockchains such as Ethereum.
1.Utilize BTC on Ethereum and BOB L2
・Normally, BTC cannot be used outside the Bitcoin chain, but through BOB Gateway, it can participate in DeFi on Ethereum, etc.
・Converts BTC to wBTC (Wrapped BTC) or tBTC (Trust-minimized BTC) to make it usable in smart contracts.
2.Enable BTC Staking (Earning Yield)
・Using the BOB Stake function, you can stake BTC and receive staking rewards in the form of SolvBTC.BBN, uniBTC, etc.
3.Move BTC with Trust Minimization
・Unlike common bridges, it employs a mechanism that directly verifies the Bitcoin blockchain without relying on a central administrator.
・This means the risk of hacking or operator fraud can be reduced.
4.Enable DeFi Actions with a Single Bitcoin Transaction
・Normally, using BTC on Ethereum requires multiple transactions: "Bridge BTC → Receive → Use in DeFi".
・With BOB Gateway, "staking and swapping can be done simultaneously with BTC transfer," completing the process in a single transaction.
BOB's Technology Stack
- Rollup Layer: Leverages Bitcoin PoW security and operates as an Ethereum L2
- EVM Core: Fully compatible with Ethereum's smart contract environment
- Rust zkVM: Integrates with Bitcoin's Rust library and utilizes ZK technology
- Bitcoin Bridges: Trust-minimized bridge using BitVM
- BOB SDK: Provides development tools for Bitcoin-compatible dApps using Solidity
Project details are available here
Funding Information
BOB raised a total of $13.2 million in funding from Coinbase Ventures, Ledger, BlackRock, Babylon, and others in the Seed round in March 2024 and the Strategic round in July.
Airdrop Information
BOB Fusion
BOB Fusion is an official points program where you can earn BOB Spice (points) based on on-chain activity on the BOB mainnet.
Current Status:
- Season 3 is ongoing (final season)
- Seasons 1 and 2 have ended
How to Earn Spice (Season 3)
- Depositing into the BOB app (special multipliers for BTC LSTs and DeFi apps)
- Voting for favorite projects
- Inviting friends
- Completing quest campaigns
- Participating in special events
Benefits
- Early Bird Bonus: Spice earned before DeFi TVL reaches $75M is doubled
- Partner Point Stacking: Earn points by using BOB partner dApps
Airdrop Strategy
Summary of Steps
- Connect your wallet on the website
- Enter the code " bwzajd "
- Bridge funds to the Bob network
- Interact with Bob's partner projects to earn more SPICE
Detailed Steps with Images
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Connect your wallet on the website
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Enter the code " bwzajd "
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Bridge funds to the Bob network
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Stake on partner projects and receive not only Spice but also other rewards.
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Interact with Bob's partner projects, earn SPICE, and boost it.
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Refer friends and earn rewards.
Disclaimer
- ・This article is created for informational purposes only and should not be used to solicit the sale, purchase, or underwriting of cryptocurrencies, securities, or other financial products, nor should it be considered an invitation to engage in such transactions, or constitute financial or investment advice.
- ・The information and opinions in this article are obtained from sources that we believe to be reliable, but we do not guarantee their accuracy, completeness, suitability, timeliness, or truthfulness.
- ・We, the authors, and all related parties are not responsible for any damage or loss caused by or related to the information published in this article. Cryptocurrencies involve hacking and other risks, so please conduct thorough research before using them.
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