Project Description:

BounceBit is a Bitcoin re-staking protocol and native BTC re-staking chain, developed as a sister company of Bounce Finance. It adopts a dual-token staking system secured by Bitcoin and BounceBit tokens, introducing a unique combination of DeFi and CeFi yield mechanisms, enabling BTC holders to earn income through native validator staking, the DeFi ecosystem, and the CeFi mirror mechanism.

project financing:

At the end of February 2024, BounceBit completed a $6 million seed round of financing, led by Blockchain Capital and Breyer Capital, with participation from dao 5, CMS Holdings, Bankless Ventures, NGC Ventures, Matrixport Ventures, DeFiance Capital, OKX Ventures and HTX Ventures. Individual investors include EigenLayer Chief Strategy Officer Calvin Liu. Details: https://twitter.com/bounce_bit/status/1762874894520656120

OKX Ventures participated in the main investment in March 2024, the amount was not disclosed. Details: https://www.prnewswire.com/news-releases/okx-ventures-announces-strategic-investment-in-bitcoin-restaking-platform-bouncebit-302079520.html

Binance Labs participated in the main investment in April 2024, the amount was not disclosed. Details: https://twitter.com/BinanceLabs/status/1778348082532667771

Token Economics:

Token name: $BB

Total Token Supply: 2,100,000,000 $BB

Initial circulation: 409,500,000 $BB (19.5% of the maximum token supply); including:

1. Binance Megadrop: 168 million (8% of total supply);

2. BounceClub and ecological reserves: 94.5 million (4.5% of the total supply);

3. Testnet incentives (mainly staking points airdrops): (84 million, 4% of the total supply);

4. Liquidity providers: 63 million (3% of total supply);

As the native token of the BounceBit public chain, $BB token can be used in the following scenarios:

Network Gas: Gas fees required to pay for transactions and execute smart contracts.

Network governance: Participate in on-chain governance, such as voting on protocol upgrades.

Staking: Participate in BounceBit PoS’s dual-coin staking mechanism.

Protocol Incentives: Paid as staking rewards to validators who ensure network security.

Currency: Used as currency on the BounceBit platform, used in various dapps and infrastructure, as a medium of exchange or store of value.