The first phase of Binance's new IPO platform Megadrop, BounceBit (BB), will start trading on the 13th. Let's take a quick look at BB
(For the key points of megadrop, you can refer to the cited article. This is a very suitable way for us retail investors to obtain token airdrops. It is recommended to participate more)
1. What is BounceBit?
• Simply put, by actively participating in network verification and various income-generating activities (including CeFi, DeFi, and restaking), Bitcoin can be transformed from a passive asset into a positive force in the crypto ecosystem, empowering Bitcoin assets.
•The project’s mission is to make high-yield opportunities in Bitcoin assets usually only available to quantitative and top asset management firms accessible to more people. BounceBit aims to bring the combined benefits of transparent CeFi and DeFi to the masses.
•BounceBit is based on the idea that advancing Bitcoin should primarily involve using assets without changing the Bitcoin blockchain, and effectively combines the advantages of centralized finance (CeFi) and decentralized finance (DeFi) by leveraging funding rate arbitrage and creating on-chain certificates for re-staking and mining. This integration brings opportunities for Bitcoin to generate better returns and be more widely used.
What are the highlights (advantages) of BB?
•BTC Restaking: BounceBit builds BTC Restaking infrastructure to ensure fund security through regulated custody services of Ceffu, Mainnet Digital, and Fireblocks. When assets generate interest through arbitrage strategies managed by experienced asset management entities, users are rewarded with a BTC-pegged version called bounceBTC (BBTC), which can be delegated to node operators, who return the staking certificate (stBTC) to the staker. This liquid staking derivative can then be re-pledged to other shared security clients (SSCs) such as sidechains, bridges, and oracles.
•Dual Currency PoS: Dual Currency PoS is a hybrid consensus mechanism where each validator can accept both BBTC and/or BB tokens. This system expands the stakeholder base and weaves an additional layer of resilience and security into the network consensus structure.
•BounceClub: BounceClub can be used as an on-chain space where users can use the built mini-programs to create DeFi experiences. No code is required and it can be easily integrated from the App Store.
•Liquid Custody: BounceBit introduces the concept of "Liquid Custody" to keep collateral assets liquid and provide more opportunities to earn returns. When users deposit assets into BounceBit, they will receive a Liquid Custody Token (LCT) that represents their assets in custodial custody at a 1:1 ratio. These tokens can be bridged to BounceBit and used further.
What are the application scenarios of BB?
•Staking: Stake BB to participate in the dual-currency staking mechanism of Bounce Bit PoS.
•Protocol Incentives: Tokens are paid as staking rewards to validators who ensure network security.
•Gas Fee: BB is used to pay for the Gas fees required to conduct transactions and execute smart contracts.
•Governance: Use BB to participate in on-chain governance, such as voting on protocol upgrades.
•Currency: BB can be used as currency on the BounceBit platform. It can be used in various applications and infrastructures as a medium of exchange or a store of value
BB's financing, initial circulation and token distribution?
• Raised a total of $7.98 million in seed and strategic rounds. Led by Binance LABs, Blockchain Capital and Breyer Capital
• The total supply of BB is 2,100,000,000, and the circulating supply after listing is 409,500,000 (accounting for 19.50% of the total token supply, of which Binance Megadrop quota is 168,000,000 (accounting for 8.00% of the total token supply). Please see the attached figure for token allocation and unlocking line
