The native token $BB of the Bitcoin re-staking project BounceBit has soared 41% since the 25th, and has continued to rise for two consecutive days, hitting a high of $0.7868 yesterday (27th), achieving an impressive price doubling in 3 days.
It is currently trading at $0.6838, with a market value of over $280 million and Mcap/FDV exceeding 19% (the highest among the new coins recently listed on Binance, see the report for details).
What is BounceBit?
BounceBit, a Bitcoin re-staking project, is committed to building a yield infrastructure for Bitcoin, providing institutional-grade yield products, re-staking application scenarios, and CeDeFi services, so that Bitcoin holders can profit.
The implementation of CeDeFi service is as follows:
CeFi: Through the liquidity custody tokens (LCTs) designed by the protocol, in cooperation with regulated custody service providers such as Mainnet Digital and Ceffu, users can earn actual income such as fee arbitrage and fixed income from CeFi.
DeFi: Users can use LCTs to perform DeFi operations such as staking, re-staking, and lending on the BounceBit chain. Interestingly, the protocol has launched BounceClub, which allows users to choose pre-built DeFi products from the BounceBit App Store and build their own DeFi space.
The BounceBit chain is a Layer1 network that uses a dual-currency PoS consensus mechanism. It is jointly maintained by $BBTC and BounceBit's native token $BB. It combines the security of Bitcoin and is fully compatible with EVM (Gas is paid in $BB).
Note: $BBTC is the liquidity custody token (LCT) of BTC on the BounceBit chain
BounceBit CeDeFi Infrastructure
Background of the project
BounceBit was created by Bounce Finance, which previously launched auction services. It subsequently launched the Bitcoin ecosystem IDO platform Bounce Auction. The platform's native token is $Auction, which has also seen a good increase this year.
After completing a $6 million financing in February, BounceBit received investment from Binance in April and became the first project to be listed on the Binance Megadrop platform.
How to participate in the ecosystem
At this point, I believe everyone knows that BounceBit is mainly composed of three elements, including the BounceBit chain as the settlement and execution layer, the DeFi product club BounceClub, and the staking and re-staking services. These services can be carried out through the BounceBit Portal website. The following introduces the interaction method:
On the deposit page, BounceBit supports deposits of BTCB on the BNB chain and USDT on Ethereum. After deposit, USDT will be converted to its LCT form – $BBUSD; BTC will be converted to $BBTC. This page also supports redemption, with an interval of 1 day, so remember to go to Claim again.
On the pledge page, $BBTC can be pledged in exchange for stBBTC and enjoy 5% APR. However, this only supports $BBTC on the BounceBit chain. If you deposit from the above public chain, you need to bridge $BBTC to the BounceBit chain on the bridge page, and you need to pay about 12U of Gas for this operation.
In addition, $BB can be pledged to exchange for stBB (in the form of its liquid pledge token LSD) and enjoy 22% APR. The interval between unstaking is 1 day, and you need to go to Claim again.
On the Premium Yield Generation page, you can choose a strategy and then stake. The minimum threshold is 0.1 $BBTC or 1000 $BBUSD, which is not suitable for small investors. In addition to its own chain, it also supports BNB and Ethereum. In addition, stBBTC can also participate in the site's activities.
The interval between unstaking is 7 days, and you need to go to Claim again. The official said that the site's activities can be tracked on DefiLlama, and it has now exceeded 140 million US dollars.
Recently, BounceBit has partnered with synthetic dollar protocol Ethena to allow $BBUSD holders to enjoy sUSDe’s current 35.9% APY and earn 5x sats through staking. Details will be revealed further this week, and it will be worth watching whether it will accelerate the expansion of USDe, whose market value is currently close to $2.8 billion.
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