In the rapidly evolving world of decentralized finance (DeFi), the demand for security, accessibility, and innovative financial products has never been greater. Among those at the forefront of this revolution is Alexei Zamyatin, co-founder and CEO of BOB ("Build on Bitcoin"), a hybrid Layer-2 blockchain platform that unites the unparalleled security of Bitcoin with the flexibility and innovation of Ethereum's DeFi landscape. This interview explores BOB's groundbreaking initiatives aimed at redefining how institutional investors interact with Bitcoin DeFi. From partnerships with industry leaders like Fireblocks to the launch of innovative hybrid yield products and trust-minimized bridging solutions, BOB is poised to make significant strides in enhancing trust and accessibility in the Bitcoin ecosystem. As we explore Alexei's insights, we will uncover the strategic vision driving BOB forward, including advancements in Bitcoin finality and the hybrid infrastructure designed to streamline and secure DeFi transactions. In this discussion, to understand how BOB is not just building upon Bitcoin but revolutionizing the very fabric of investment management through the integration of AI and blockchain technology.--Ed.
How will BOB’s integration with Fireblocks improve institutional access to Bitcoin DeFi, and what impact do you anticipate this partnership will have on institutional investors' trust in the space?
Large institutions, businesses and Bitcoin whales want to earn yield on their significant BTC holdings, but without needing to compromise on security. BOB’s recent integration with Fireblocks enables exactly that — improving institutional access and expanding the opportunity to earn a yield on large BTC investments.
By combining Fireblocks' institutional-grade Multi-Party Computation (MPC) wallet with BOB’s Bitcoin-secured DeFi and bridging capabilities (launching in the near future), institutions will be able to earn a yield on their Bitcoin holdings through the BOB network without sacrificing security.
This integration also connects Fireblocks’ extensive client base of over 2,000 institutions to BOB’s robust BTC DeFi ecosystem, enabling seamless access directly through the Fireblocks platform. Ultimately our goal is to position Bitcoin at the heart of DeFi, a vision that is being advanced through key integrations such as with Fireblocks.
Can you share more about BOB’s recent launch of its Hybrid BTC yield products?
To continue solidifying BOB’s position as the home for Bitcoin DeFi, we recently introduced a new type of Bitcoin yield product called Hybrid BTC, creating the first multi-chain yield layer for Bitcoin.
Hybrid BTC offers people a double yield opportunity. Firstly, by depositing assets into a managed Hybrid BTC vault on the BOB network, you can seamlessly collect Bitcoin yield from other chains. At the same time, you receive a Yield Bearing Asset (YBA) on BOB, which you can use in DeFi to increase your returns. For example, it’s possible to use the YBA as collateral to borrow additional wBTC to also deposit in the Hybrid BTC vault, looping the assets for extra yield. In fact, at the moment, there is a third source of potential yield, with Hybrid BTC included in the BOB Rise DeFi campaign. By using the vault, you are also able to claim a share of 750k OP tokens.
Importantly, BOB’s hybrid L2 model will anchor the network, bridges, and all DeFi transactions in Bitcoin security for unprecedented resilience and Bitcoin alignment. With Bitcoin finality rolling out on BOB mainnet in the near future, there will be no need for anyone to compromise on security in the pursuit of Bitcoin yield.
The HybridBTC.pendle vault is the first in a series of planned products, created in partnership with Veda, to access Bitcoin yield on Ethereum and return it to users on BOB in the form of BTC.
What are the key features of BOB’s trust-minimized BitVM Bitcoin bridge, and how does it differ from other wrapped Bitcoin solutions like wBTC and cbBTC?
The BitVM bridge will allow trustless BTC deposits onto BOB, removing one of the key barriers to the growth of Bitcoin DeFi. Unlike wBTC, cbBTC and other wrapped Bitcoin variants, Bitcoin bridged via BitVM is non-custodial and does not require you to trust a third party. Funds remain secure as long as there is a single honest online node.
Following a successful prototype release in December, we officially launched BOB’s BitVM Bitcoin bridge on the public testnet in late February, collaborating with our partner Fiamma. Powering BOB’s bridge, BitVM is a revolutionary system that enables off-chain program execution on Bitcoin with on-chain dispute resolution, similar to how Optimism works with Ethereum. It’s paving the way for a new era of Bitcoin-secured smart contracts and financial applications.
As co-author of the latest BitVM2 research paper, it’s exciting to see our bridge design come to life, knowing the large effects this can have on Bitcoin DeFi. BOB’s mission is to put Bitcoin at the heart of DeFi, and it wouldn’t be a surprise if Bitcoin’s DeFi TVL overtakes Ethereum’s within a year or two.
What are some key focus areas for BOB this year?
This year, our key focus is to continue building BOB as the home of Bitcoin DeFi, delivering on our Hybrid L2 model, which combines Bitcoins unmatched security with Ethereum’s versatility and DeFi dapps.
We are currently rolling out phase 2 of the Hybrid roadmap. This will deliver Bitcoin finality, with all transactions on BOB secured by billions of dollars of staked BTC, trustless BTC deposits and withdrawals from mainnet via BitVM, and Bitcoin-secured bridges to other smart contract chains. These are our top priorities in the coming months. Our intent is to be the L2 with the greatest Bitcoin and Ethereum alignment. That’s the power of the hybrid model we have designed - Bitcoin-secured DeFi in the apps you know and love from Ethereum, all built in Solidity.
Once Bitcoin security is live on BOB, it will immediately apply to the existing vibrant DeFi ecosystem of 100+ apps and $250M+ TVL, making BOB the best and safest place to earn a yield on your Bitcoin.
About BOB
BOB ("Build on Bitcoin") is a Hybrid Layer-2 blockchain that merges the strengths of Bitcoin and Ethereum to create a robust platform for Bitcoin DeFi. This unique hybrid model combines Bitcoin's security and capital with Ethereum's innovative DeFi capabilities, enabling new use cases and unlocking significant liquidity in BTC. Powered by BitVM, BOB allows for trust-minimized deployment of Bitcoin into DeFi and features BTC-secured bridges to Ethereum and other networks, ensuring secure access to DeFi products without relying on third-party solutions. Backed by prominent investors like Castle Island Ventures and Coinbase Ventures, Coinbase Ventures, Ledger Cathay Ventures, and IOSG.
Alexei Zamyatin, Co-Founder of BOB
Alexei Zamyatin is the co-founder and CEO of BOB ("Build on Bitcoin"), a hybrid Layer-2 blockchain that integrates Bitcoin's security with Ethereum’s versatility. He has played a crucial role in developing BOB's infrastructure and securing investment from top firms like Castle Island Ventures and Coinbase Ventures. With a decade of blockchain experience, Alexei is a core contributor to BitVM and co-author of the BitVM2 paper, which focuses on enabling smart contracts on Bitcoin. Previously, he co-founded Interlay and served as an advisor for the Boston Consulting Group, holding a PhD in computer science from Imperial College London.
