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CoinGape 2024-12-18 22:58:15

BOB L2 Taps Babylon To Secure Transactions with Bitcoin As Anchor Chain

BOB (Build on Bitcoin), a hybrid layer two (L2) network, has advanced its mission to position Bitcoin at the center of decentralized finance (DeFi) by integrating with Babylon, a Bitcoin staking protocol. This collaboration enables BOB to secure transactions using Bitcoin as its anchor chain, providing a level of finality and irreversibility unique to the Bitcoin network. Integration Brings Bitcoin Finality to BOB The integration with Babylon equips Build on Bitcoin (BOB) with “Bitcoin finality,” ensuring that transactions recorded on its platform are permanently and irreversibly secured on Bitcoin’s blockchain. This mechanism, as a result, strengthens the security and trustworthiness of BOB’s hybrid layer two network, distinguishing it from other Bitcoin-based L2 solutions that lack Bitcoin-native security. Babylon, recognized as the leading Bitcoin staking protocol, manages a total value locked (TVL) of approximately $6 billion. The protocol, as a result, allows Bitcoin holders to stake their BTC, contributing to the security of decentralized applications and earning rewards in return. Introducing BOB as a Bitcoin Secured Network (BSN). Through our integration with @babylonlabs_io , we’re bringing Bitcoin finality to the Hybrid L2 and making @build_on_bob the best place to use BTC Liquid Staking Tokens (LSTs). https://t.co/K6baJZ2TAs pic.twitter.com/YmQLiaa9r9 — BOB (@build_on_bob) December 18, 2024 Through Babylon’s protocol, BOB can use Liquid Staking Tokens (LSTs) to release Bitcoin liquidity into DeFi applications while retaining Bitcoin’s robust security. Hybrid L2 Model Combines Bitcoin and Ethereum Features Build on Bitcoin hybrid layer two model blends Bitcoin’s security with Ethereum’s smart contract capabilities. The network aims to create bridges to other blockchains while using Bitcoin as the final settlement layer. With over $200 million in TVL, 320,000 users, and 100 projects, BOB has positioned itself as a prominent player in the Bitcoin DeFi ecosystem. The integration is also part of BOB’s larger roadmap. As part of Phase 2, BOB will launch bridges that connect Bitcoin to other networks using BitVM, a new computing framework enabling Ethereum-like smart contracts on Bitcoin. The testnet release for BitVM is scheduled for early 2025, signaling BOB’s commitment to expanding Bitcoin’s DeFi potential. Lombard’s LBTC Joins the BOB Ecosystem To further enhance its ecosystem, BOB has announced the integration of LBTC, the largest Bitcoin LST, managed by Lombard Finance. LBTC, with a TVL of $1.6 billion, becomes the fourth LST deployment on BOB, following Ethereum, Base, and Binance Smart Chain. Approximately 80% of LBTC’s TVL is already actively deployed in DeFi applications, reflecting its importance in the staking landscape. This addition bolsters Build on Bitcoin’s efforts to expand Bitcoin staking liquidity and amplify DeFi activity on its platform. Through partnerships with staking providers, wallets, and aggregators, BOB has simplified the process of staking Bitcoin with a one-click solution. Subsequently, to celebrate its integration with Babylon, Build on Bitcoin has launched a 45-day campaign aimed at incentivizing Bitcoin staking and DeFi activity. Over this period, an additional 4.5 million Babylon Points will be distributed daily to eligible users. In addition, the campaign includes additional incentives from BOB’s LST partners, such as Bedrock and PumpBTC, to encourage wider adoption. Users will be able to easily convert native Bitcoin into staking positions on Build on Bitcoin via the “BOB Stake” portal, which supports a seamless transition into DeFi applications. The post BOB L2 Taps Babylon To Secure Transactions with Bitcoin As Anchor Chain appeared first on CoinGape .

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