Deep-dive: @build_on_bob Category: BTCFi I’ve talked before about how BTCFi (Bitcoin DeFi) has been gaining traction this cycle. Given my long-term outlook on Bitcoin, it makes sense to take a closer look at the strong DeFi projects building infrastructure around it. Bitcoin is the most decentralized, secure network available. It’s held by millions of people and worth over $2T, yet most of that value remains underutilized, sitting there or getting wrapped across chains via risky multisig bridges. @build_on_bob is changing that, combining the strengths of Bitcoin and Ethereum to create one of the best places to earn yield on your BTC. Let’s dive in… 👇 1/ What is BOB? BOB is a Hybrid Layer 2 that combines Bitcoin’s security with Ethereum’s smart contract capabilities. Built to unlock Bitcoin’s full potential in DeFi, all transactions and native cross-chain bridges on BOB are secured by billions of dollars in staked BTC. Trustless BTC deployment is enabled through BitVM. By merging Bitcoin’s trust with Ethereum’s innovation, BOB unlocks new use cases and trillions in liquidity, making it a promising platform for Bitcoin-native DeFi. TLDR: BOB makes BTC as usable as ETH in DeFi, but with the trust of Bitcoin. And its already seeing traction: - $197M TVL - 528k unique users - 100+ projects building on BOB 2/ What Can You Do on Bob? Built as a ZK rollup on Ethereum, BOB is the first chain with finality in both Ethereum and Bitcoin. Its hybrid L2 architecture is designed to anchor a full-scale DeFi ecosystem in Bitcoin’s security and give BTC holders useful things to do with their assets. Key Features: - Hybrid DeFi: BTC on BOB can be deployed into multi-chain DeFi products via BTC-secured bridges, while tokenised positions can be managed and further used on BOB. - 1-Click BTC Staking: Stake native BTC straight into DeFi apps with one simple transaction, powered by Bitcoin intents. - Bitcoin Smart Accounts: Using BTC becomes as easy as sending an email. No wallets, seed phrases, or browser extensions, easy onboarding for new users. - Multi-Chain Native BTC Swaps: Stake or swap BTC to any chain - Tier 1 DeFi Ecosystem: Leading protocols like Uniswap, Aave, Euler, Chainlink, Babylon, Solv, LiFi, and Lombard are already available on BOB. 3/ Ecosystem & Backing BOB is an open-source project launched in 2023 by Distributed Crafts, a UK-based R&D company. The 30-person team focuses on Bitcoin-native infrastructure and has played a key role in BTCFi innovation. It’s also a member of the BitVM Alliance and co-authored the latest BitVM2 bridge design paper. Over 100 projects are building on BOB, from DeFi protocols to wallets and cross-chain infra, including Uniswap, Babylon, Solv, Optimism, Chainlink, Sovryn, and Binance Wallet. Full ecosystem overview: BOB is backed by top industry investors: Castle Island Ventures, Coinbase Ventures, Ledger Cathay Ventures, IOSG, and early Bitcoin and Ethereum OGs like Dan Held and Stani (Aave). 4/ Roadmap BOB recently launched its BitVM bridge testnet, supported by leading institutions and DeFi players. Mainnet will go live in Q4, with rollout in three phases: - Phase 1: BOB is bootstrapped as an OP Stack ETH L2 - Phase 2 (2025): BOB is adding Bitcoin finality via BTC staking and BitVM for secure BTC access - Phase 3: BOB aims for full BTC security as an optimistic rollup with BitVM, ZK proofs, BTC staking for fast finality, and managing Bitcoin's high DA costs. 5/ Final Thoughts Bitcoin’s role in DeFi has barely scratched the surface. Right now, BTC’s DeFi penetration is just 0.3% of its market cap. On Ethereum, that number is closer to 20%. BOB is building the infrastructure to close that gap, and with its hybrid model fusing Bitcoin’s trust with Ethereum’s programmability, it is positioning itself as the gateway to BTCFi. I’m excited to be partnering with the BOB team and will be sharing more educational insights over time (disclaimer).