Basic Information:
BounceBit is building BTC re-hypothecation infrastructure, providing a base layer for different re-hypothecation products, secured by Mainnet Digital and Ceffu’s custodial custody. Designed as a showcase for re-hypothecation products in the BounceBit ecosystem, BounceBit Chain is a PoS layer 1 secured by validators staking BTC and BounceBit’s native token — a two-token system that leverages native Bitcoin security and is fully EVM-compatible. Critical ecosystem infrastructure such as cross-chain bridges and oracles are secured by re-hypothecated BTC. Through an innovative CeFi + DeFi framework, BounceBit enables BTC holders to earn yield across multiple networks.
Tags: re-staking, infrastructure, Layer1
TVL: 1 billion - as of 24.5.8
Total number of users: 214,000 - as of 24.5.8
Founder: Jack Lu is the co-founder of multiple blockchain projects including BounceBit, Bitune, Bounce, and Chainswap.
Dark history: Chainswap (cross-chain bridge) was attacked by hackers twice on July 2 and July 11, 21, with a total loss of approximately US$3.1 million.
Calvin Liu, Chief Strategy Officer of EigenLayer, also invested in the seed round
Binance launched the token issuance platform Megadrop on April 18, and the first project to be launched was Bouncebit (BB)
This also indirectly proves that Binance is still very optimistic, because Binance just announced strategic financing on April 11, and announced the launch of the project on a new platform on the 18th
Project Highlights
BTC re-staking: Through the combination of CeFi and DeFi, multiple sources of income are provided for BTC holders.
Dual-currency PoS: hybrid consensus mechanism to improve network security and stability.
BounceClub: An on-chain space for creating DeFi experiences without code.
Liquid Custody: Maintain asset liquidity and provide more profit opportunities.
BB Token Usage:
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 the security of the network.
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.
Token distribution:
8.00% of total Binance Megadrop tokens (unlocked on TGE) - 678,000 participants
Liquidity Providers 3.00% of total tokens (unlocked on TGE)
Testnet Incentives 4.00% of total tokens (unlocked at TGE)
Advisors 5.00% of total token supply (locked for 12 months, then 2.5% unlocked per month)
Team 10.00% of total tokens (locked for 12 months, then 2.5% unlocked per month)
BounceClub and Ecosystem Reserve 14.00% of total tokens (4.5% unlocked by TGE, then locked for 12 months, then 5% unlocked monthly)
Investors 21.00% of total tokens (locked for 12 months, then 5% unlocked per month)
Staking Rewards 35.00% of total tokens (unlocked over 10 years)
Token circulation in the first month:
The total supply of BB is 2,100,000,000, and the circulating supply after listing is 409,500,000 (19.50% of the total token supply).
Binance Megadrop 8% (168,000,000)
Liquidity providers 3% (63,000,000)
Testnet incentive 4% (84,000,000)
BounceClub and Ecological Reserve 4.5% (94,500,000)
Summarize:
BounceBit is the first project to do re-staking on the BTC chain, and it is jointly invested by Binance and OKX. Historically speaking, it will not be bad in terms of listing on the exchange. The data of Binance's previous new issues were around 400,000 participants, and this issue directly reached 670,000 people. The market is generally optimistic. Although the unlocked amount in the first issue is large, it is the first release on Binance, and it will most likely be listed on OKX in the future. Now the BTC ecosystem is becoming more and more prosperous, and funds are slowly pouring in. I look forward to the subsequent gameplay.