Build on Bitcoin (BOB), a Layer-2 project on the Bitcoin blockchain has gone live on mainnet. This launch stems from months of development and community anticipation for the mainnet debut.
Build on Bitcoin Revolution Jump Started
The Build on Bitcoin project went live with a unique difference. At launch, more than 40 projects have launched alongside it. The protocol noted that already, its supported protocols now have a combined $300 million in Total Value Locked (TVL).
Over the past few years, innovators have been teasing the need to harness the security of the Bitcoin network. The simple goal is to create a viable competitor to Ethereum (ETH), the blockchain infrastructure with a robust L2 network.Â
Earlier pioneers of the Bitcoin L2 ecosystem include the Coinbase-backed Lightning Network. With Build on Bitcoin, the game is changing as it noted another 40 DApps will launch in about 3 weeks.
BOB is designed as a very versatile L2 engine whose evolution will come in Phases. In the first phase, the protocol said it would integrate Ethereum rollup to provide access to stablecoins and Bluechip Non-Fungible Tokens (NFTs) like Moonbirds.
The second phase of the project will see the integration of Bitcoin Proof-of-Work (PoW). In its Phase 3, BOB plans to leverage BitVM for enhanced security.
🔮 What’s Next?
• Phase 2: Integration of Bitcoin PoW security.
• Phase 3: Transactions will settle on both Bitcoin and Ethereum, leveraging BitVM for enhanced security.Stay tuned as we build the most secure L2 in the market!
— BOB 🛫 ðŸ‡ðŸ‡° (@build_on_bob) May 1, 2024
New Functionalities Coming To Bitcoin
The outlook of Bitcoin as a blockchain network is changing dramatically. From its tag as a payment-only outfit, its use case has now switched to ETF products and now DeFi.
The advent of Layer-2 protocols like Build on Bitcoin will help enhance the technology capabilities of the chain. With the DeFi ecosystem valued at $90.63 billion with a boost from protocols like EigenLayer, BOB, Runes, and other Bitcoin-native protocols hope to command some of this liquidity soon.
BOB’s leaning toward Ethereum Virtual Machine is a good start and has earned accolades from the community.
