BOB announced that it has committed to become a Bitcoin Secured Network!
The Babylon Bitcoin staking protocol is unlocking the power of Bitcoin for crypto builders globally. It enhances security and creates a new use-case for BTC, enabling its use in DeFi ecosystems on Bitcoin Secured Networks (BSNs).
Bitcoin Secured Networks will not only leverage Bitcoin’s robust security but also attract BTC holders as users and liquidity providers through LSTs. This approach seamlessly integrates security with liquidity acquisition, enhancing the overall ecosystem for both networks and participants.
What is BOB?
BOB is a hybrid Layer-2 network built for Bitcoin DeFi, combining the security of Bitcoin with the versatility of Ethereum with over $400 million in total value locked (TVL), of which around 44% comes in the form of LSTs that build on top of the Babylon protocol.
BOB launched as an Ethereum L2 built with the OP Stack to enhance the Bitcoin DeFi user-experience. BOB's architecture leverages BitVM to enable trust-minimized bridges and inherit security from Bitcoin to facilitate interoperability with other Layer-1 blockchains. Through its staking solution, BOB Stake, users can obtain Babylon LSTs and participate in various DeFi protocols.
Babylon Labs: Supporting BOB and Future BSNs
Babylon Labs, a developer of the Babylon Bitcoin staking protocol, tallies points for BTC holders that stake their bitcoin through the protocol. Starting today, and since BOB has committed to being a Bitcoin Secured Network, Babylon points will be tallied for eligible LSTs on BOB up to a maximum of 4.5 million points: 100,000 points a day for 45 days. This presents the first opportunity for points other than through direct Bitcoin staking using the Babylon Bitcoin staking protocol.
Eligible LSTs are those which have the underlying BTC staked on Babylon. To date, the following LSTs* meet the requirements:
- Lombard: LBTC
- Solve: SolvBTC.BBN
- Bedrock: UniBTC
- PumpBTC
- Lorenzo: stBTC
- Acorn: aBTC
- pSTAKE: yBTC
- Kinza
- Chakra
- Babypie
* some may not yet be available on BOB at the time of this announcement.
Legal Note - Points: Points are not available in certain jurisdictions, including the United States. Babylon points are not, and may never convert to, accrue to, be used as basis to calculate, or become any tokens or other digital assets. Points are virtual items with no monetary value. Points do not constitute any currency or property of any type and are not redeemable, refundable, or eligible for any fiat or virtual currency or anything else of value. Points are not transferable, and you may not attempt to sell, trade, or transfer any points, or obtain any manner of credit using any points. Any attempt to sell, trade, or transfer any points will be null and void. We reserve the right to cancel, change, discontinue, limit, modify, or withdraw our points program (including the frequency, criteria, calculation or eligibility for earning such points), at any time with or without notice and regardless of any particular accumulation of points. Fraudulent, abusive, or manipulative activities, such as creating multiple accounts or using bots, are prohibited. We or our affiliates may terminate any or all of your points due to such activities, or for breaching any license granted by us, and may disclose privately and publicly why such action was taken. For more information, please refer to our Terms of Use.
BOB and Spice
BOB announced that it will assign 6.3 billion Spice (points in its points program) to Babylon BTC stakers for the 45 day duration of this liquidity program.
You can read about the program and the eligibility requirements on the BOB blog.
Conclusion
Becoming a BSN provides benefits that go beyond enhanced network security. We are excited to support BOB with this unique points program and look forward to further unlocking the power of BTC for Bitcoin Secured Networks.
The foregoing content is only provided as general information. You should undertake your own independent research and evaluation. You should not take, or refrain from taking, any action based on any such content. It is not an endorsement or recommendation of third-party wallet applications or devices, validator nodes, finality providers, proof of stake networks or protocols, tokens, or other digital assets.
About BOB (“Build on Bitcoin”)
BOB ("Build on Bitcoin") is a Hybrid Layer-2 blockchain that combines the best of Bitcoin and Ethereum to create the home for Bitcoin DeFi. The unique Hybrid L2 model merges the strengths of both ecosystems—Bitcoin's security and dormant capital, with Ethereum's DeFi innovation and versatility. By positioning BTC as the backbone of a new decentralised finance system, BOB can unlock new use cases and trillions in BTC liquidity. BOB uses BitVM to inherit security from Bitcoin and create trust-minimized bridges between BOB, Bitcoin, Ethereum, and other L1s. As a result, the Hybrid L2 does not need to rely on third-party bridges for interoperability, concentrating liquidity around Bitcoin instead of fragmenting it across chains. BOB is backed by leading investors such as Castle Island Ventures, Coinbase Ventures, Ledger Cathay Ventures, and IOSG.
Website | Twitter | Discord | Telegram
About Babylon Labs
Babylon Labs focuses on Bitcoin security-sharing protocols with a vision of building a Bitcoin-secured decentralized world. The latest software development is the world's first trustless and self-custodial Bitcoin staking protocol, which enables Bitcoin holders to stake their BTC on other decentralized systems such as PoS chains, L2s, Data Availability (DA) layers, etc, enabling stakers to receive staking rewards without the need for third-party custody, bridge solutions, or wrapping services. The greater idea is to combine the high security and wide adoption of Bitcoin with the efficiency and scalability of PoS systems, increasing Bitcoin's utility.
For more information about Babylon Labs, a developer of the Babylon Bitcoin staking protocol, please visit:
Website | Twitter | Discord | Linkedin
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