London, United Kingdom – November 21, 2024 – BOB (“Build on Bitcoin”), a hybrid Layer-2 platform bridging Bitcoin and Ethereum, has announced integrations with Pell, Xverse, and Dynamic to simplify Bitcoin (BTC) staking. This initiative, aimed at over 5 million users, introduces 1-click BTC staking and expands access to decentralized finance (DeFi) for BTC holders, developers, and enthusiasts.
The BOB Stake feature enables users to stake BTC into Liquid Staking Tokens (LSTs), unlocking opportunities across lending, borrowing, stablecoins, and other DeFi protocols. This integration builds upon BOB’s partnerships with platforms like Staking Rewards and Everstake, aiming to position Bitcoin as a key player in DeFi.
“Liquid staking has transformed Ethereum’s ecosystem, driving $59 billion in total value locked (TVL). With Bitcoin’s market cap approaching $2 trillion, there’s untapped potential for BTC staking to expand on-chain finance,” said Alexei Zamyatin, co-founder of BOB and a core contributor to BitVM. “BOB Stake simplifies this process, bringing Bitcoin closer to Ethereum’s versatility.”
Key Integrations
BOB’s new partnerships enhance its staking ecosystem:
- Pell Network: As the first omnichain BTC restaking network, Pell enables native BTC to wrapped BTC bridging via BOB Gateway SDK. Users can mint and restake tokens such as uniBTC and solvBTC through a streamlined interface, earning yield across multiple platforms.
- Xverse Wallet: With 1.3 million downloads and over $220 million TVL, Xverse integrates with BOB Stake to simplify BTC staking. Users can manage their yield-bearing tokens and connect their BTC to Ethereum Virtual Machine (EVM)-compatible addresses.
- Dynamic: A multi-chain developer toolkit provider, Dynamic now supports BOB Stake’s 1-click staking. This integration allows users to log in via email, Telegram, or over 400 wallets, improving accessibility for both developers and end-users.
Simplified BTC Staking with BOB Gateway
BOB Gateway, a Bitcoin intents bridge, powers the 1-click staking functionality. By consolidating multiple actions into a single BTC transaction, the gateway streamlines user interaction with DeFi and centralized finance (CeFi) vaults. This infrastructure supports LSTs developed on the Babylon staking layer, including assets like Solv, Bedrock, Chakra, and PumpBTC.
Context and Implications
Bitcoin DeFi, often referred to as BTCFi, represents a growing frontier in cryptocurrency innovation. While Ethereum dominates the DeFi landscape, Bitcoin’s unparalleled security and liquidity offer significant potential for on-chain finance. By combining Bitcoin’s security with Ethereum’s flexibility, BOB’s hybrid Layer-2 approach aims to close the gap between these ecosystems.
These developments follow the release of BOB’s Hybrid L2 Vision Paper, which outlines its strategy for integrating BitVM technology to enable trust-minimized bridging. This evolution is expected to attract a wider range of developers and users to the Bitcoin DeFi ecosystem.
For more information, visit gobob.xyz.
