London, United Kingdom - BOB (“Build on Bitcoin”), a hybrid Layer-2 that merges Bitcoin's security with Ethereum's versatility, announced on November 21 an expansion of access to Bitcoin DeFi through its BOB Stake product in partnership with three industry leaders. BOB Stake offers a streamlined way for users to stake Bitcoin (BTC) into various BTC Liquid Staking Tokens (LSTs) with a single click, broadening opportunities for users to leverage their BTC in decentralized finance (DeFi).
In collaboration with Pell, a prominent BTC restaking network; Xverse, a leading BTC wallet; and Dynamic, a provider of multi-chain developer tools, BOB has simplified the entry into BTC staking. This builds on BOB’s previous partnerships with renowned platforms like Staking Rewards and Everstake.
Alexei Zamyatin, Co-Founder of BOB and BitVM core contributor, noted: “Liquid staking has revolutionized Ethereum’s ecosystem, leading to a $59 billion Total Value Locked (TVL). With Bitcoin's market cap approaching $2 trillion, innovations such as BitVM reveal the untapped potential for BTC staking.”
BOB Stake not only facilitates participation in LSTs across various DeFi activities, such as lending and stablecoin protocols, but also maximizes BTC's potential. The BOB Gateway, a Bitcoin intents bridge, enhances user experience by consolidating staking actions into single transactions. It expands LST utility on the Babylon staking layer, supporting platforms like Solv, Bedrock, Chakra, and PumpBTC, and allows easy deployment into DeFi vaults.
New Integration Details:
- Pell Network: As the first Omnichain BTC Restaking Network, Pell leverages BOB Gateway SDK to enable bridging of native BTC into wrapped BTC on BOB. This integration supports efficient minting and restaking of unibtc/solvbtc.bbn, offering yield generation across BOB's network.
- Xverse: Integrating with BOB, Xverse simplifies BTC staking for its users, allowing them to track yields through Xverse Earn. With significant TVL and a large user base, Xverse and BOB work together to broaden Bitcoin DeFi applications.
- Dynamic: This integration enhances onboarding with tools for wallets and user management, including BOB Pay’s introduction to Dynamic, facilitating secure logins and supporting BOB Stake’s multi-chain wallet connectivity without requiring EVM setups.
These developments are in line with the release of BOB’s Hybrid L2 Vision Paper, highlighting BOB’s strategic role in centralizing Bitcoin within DeFi. Utilizing BitVM technology, BOB bridges Bitcoin’s robust security with Ethereum’s dynamic innovation, fostering stronger connections between both ecosystems for developers and users.
