BounceBit Project Research Report
@BounceBit BounceBit is an innovative project supported by Binance. Its core innovation is the introduction of the BTC Restaking mechanism. Users can pledge $BTC and $BB at the same time to ensure the security and reliability of transactions. In this way, BounceBit breaks the traditional re-staking model and provides users with more diverse and secure staking options.
It is particularly worth mentioning that BounceBit's architecture design is fully compatible with EVM and Solidity. This means that many projects and smart contracts originally running on the Ethereum platform can be seamlessly migrated to the BTC ecosystem, gaining a broader development space and a larger user base. This ecological compatibility opens up more cooperation and development possibilities for BounceBit.
BounceBit Native Token - $BB
$BB has important functions in the BounceBit ecosystem:
1️⃣ Staking: Users can participate in BounceBit’s PoS mechanism by staking $BB, achieving dual-currency staking and obtaining corresponding benefits.
2️⃣ Protocol Incentives: $BB is paid as staking rewards to validators who ensure network security, enhancing the security and stability of the network.
3️⃣ Gas: $BB is used to pay the Gas fee required for transactions and smart contract execution to ensure the normal operation of the network.
4️⃣ Governance: Users can use BB to participate in on-chain governance, vote on protocol upgrades, and achieve community consensus and autonomy.
5️⃣ Currency: BB can be used as currency on the BounceBit platform for various applications and infrastructure, both as a medium of exchange and as a store of value.
BounceBit’s architecture is divided into two key layers:
Layer 1:
Dual-Currency PoS: This hybrid consensus mechanism allows validators to accept BBTC and/or BB tokens simultaneously, increasing the flexibility and security of the network.
Native LSD module: allows users to delegate staking to validators and obtain corresponding returns by obtaining LST, providing users with more staking options.
Basic CeFi layer:
Compliance custody: All user funds are stored in a secure custody solution through the MPC wallet, ensuring the security and credibility of user assets.
OTC Settlement: OES uses the liquidity of centralized exchanges for secure transactions and settles over the counter, which improves the efficiency and convenience of transactions.
BounceBit raised $6 million in its seed round, led by BlockChain Capital and Breyer Capital, and has currently received a total of approximately $7.98 million in financing.
Token Allocation:
Total supply: 2,100,000,000.
Supply: 409,500,000 (19.50% of total supply).
Staking Rewards Unlocked:
Year 1: Unlock approximately 7 million $BB per month.
Year 2: About 5.7 million $BB will be unlocked every month, decreasing year by year.
Summarize:
By combining centralized and decentralized financial mechanisms, BounceBit's re-pledge mechanism provides Bitcoin holders with more income and participation opportunities. The innovative structure and diverse token uses have laid a solid foundation for its future development. At the same time, thanks to the support of multiple large institutions, BounceBit will occupy a place in the BTC re-hypothecation track.
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