About BOUNCEBIT:
BounceBit is the first native BTC Restake chain in history. The BounceBit network ensures security by staking Bitcoin and BounceBit tokens. BounceBit's PoS mechanism introduces a unique dual-token staking system by utilizing the security of native BTC with full EVM compatibility.
BounceBit has launched a groundbreaking initiative that introduces a hybrid DeFi and CeFi yield mechanism, allowing BTC holders to earn yields through native validators, the DeFi ecosystem, and a CeFi mirroring mechanism supported by Ceffu and Mainnet Digital.
BTC RESTAKING Chain:
1. Increase the returns for Bitcoin holders
Currently, BTC, WBTC, and BTCB holders lack opportunities to earn yields on-chain, leading to low capital utilization in existing DeFi systems. BounceBit innovatively introduces a BTC mirroring mechanism, allowing Bitcoin holders to earn income on-chain through PoS and DeFi, and off-chain through CeFi.
2. A bridge between DeFi and CeFi
Various arbitrage BTC trading strategies exist within the current CeFi system. BounceBit aims to ensure that funds can be directly verified on-chain while conducting CeFi arbitrage, introducing an on-chain mirroring mechanism. This mechanism will be supported by Ceffu and the mainnet mirroring system.
3. EVM compatibility guaranteed by Bitcoin
Bitcoin, as the most decentralized asset in the current crypto industry, lacks genuine utilization opportunities on existing public chains. BounceBit's consensus layer will introduce a hybrid PoS mechanism, ensuring that Bitcoin's utilization guarantees network security and diversity. Meanwhile, BounceBit's execution layer will achieve EVM compatibility to accelerate the migration of existing DeFi liquidity to the Bitcoin ecosystem.
On April 26, the first project of Binance Megadrop, BounceBit (BB), officially launched, allowing users to earn airdrop rewards by subscribing to BNB fixed-term products on the Binance Megadrop platform or completing BounceBit Quest through the Binance Web3 wallet. 8% of the total token supply will be used for this event. Within just 2 days of the event, over 57,000 users participated, with BounceBit Megadrop TVL nearing $10 million. It is also worth noting that Binance will launch BounceBit (BB) on May 13 at 18:00 Beijing time.
BounceBit Project Highlights:
BTC Restaking: The BTC Restaking infrastructure built by BounceBit ensures fund safety through regulated custody services provided by Ceffu, Mainnet Digital, and Fireblocks. When assets generate interest through arbitrage strategies managed by experienced asset management entities, users receive a BTC-pegged version called bounceBTC (BBTC), which can be delegated to node operators, who return staking vouchers (stBTC) to the stakers. This liquid staking derivative can then be restaked to other Shared Security Clients (SSC) such as sidechains, bridges, and oracles.
Dual-Token PoS: Dual-Token PoS is a hybrid consensus mechanism where each validator can accept both BBTC and BB tokens simultaneously. This system expands the stakeholder base and weaves an additional layer of resilience and security into the network consensus structure.
BounceClub: BounceClub can serve as an on-chain space where users can create DeFi experiences using completed mini-programs without coding, easily integrated from the App Store.
Liquid Custody: BounceBit introduces the concept of 'Liquid Custody,' allowing collateralized assets to remain liquid and providing more opportunities to earn yields. When users deposit assets into BounceBit, they receive a Liquid Custody Token (LCT) that represents their assets being custodially managed at a 1:1 ratio. These tokens can be bridged to BounceBit and used further.
BounceBit: Over 100,000 participants in the Binance Megadrop event
BounceBit announced on platform X that the Binance Megadrop event has had over 100,000 participants in just one week since its launch, and there are still 9 days left in the event.
BounceBit announces that BB airdrops will be directly distributed to eligible addresses without the need for claims.
BounceBit announced on platform X that the Binance Megadrop event is now live, and the mainnet is about to launch.
The Water Margin (Points Paradise) and East-to-West (BIT Incentive Program) events have concluded. Before trading begins, BounceBit will distribute BB airdrops to all eligible participants who joined any event. Distribution will occur automatically, no claims needed.
Liquid Custody is now live on the BounceBit website. For every BTCB, WBTC, FDUSD, and USDT deposit made by users, BounceBit will issue corresponding Liquid Custody Tokens (LCT) on the user’s BNB Chain or Ethereum Chain. Users who participate in the early experience will automatically be allocated LCT tokens BBTC and BBUSD on the BounceBit chain.
If users deposit MUBI, AUCTION, or DAII, they will receive bridging tokens on the BounceBit chain in their wallets. These tokens can be withdrawn from the BounceBit chain through bridging. Once the mainnet goes live, bridging will be available.
WBTC, BTCB, FDUSD, and USDT will be withdrawable by the end of May. All newly deposited and previously deposited tokens in the Premium Yield Program will continue to accumulate earnings. These tokens will be withdrawable by the end of May.
BounceBit supporters and angel investors:
BounceBit completed a $6 million seed round financing, co-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, with individual investors including EigenLayer Chief Strategy Officer Calvin Liu.
BounceBit Token Economic Model:
According to a research report released by Binance Research, the total supply of BounceBit token BB is 2,100,000,000 tokens, with specific allocations as follows:
Binance Megadrop: 168,000,000 BB, accounting for 8% of the total supply;
Liquidity providers: 63,000,000 BB, accounting for 3% of the total supply;
Testnet incentives: 84,000,000 BB, accounting for 4% of the total supply;
Advisors: 105,000,000 BB, accounting for 5% of the total supply;
Team: 210,000,000 BB, accounting for 10% of the total supply;
BounceClub and ecosystem reserves: 294,000,000 BB, accounting for 14% of the total supply;
Investors: 441,000,000 BB, accounting for 21% of the total supply;
Staking rewards: 735,000,000 BB, accounting for 35% of the total supply.
BounceBit Roadmap:
Based on the currently announced information, BounceBit's roadmap for the next year is:
Q2 2024: Ecosystem building, BounceClub distribution, ongoing Premium Yield products, and the mainnet launch of BounceBit chain;
Q3 2024: Options and structured products, lending, more CeDeFi products;
Q4 2024: BounceBit Restaking Platform;
Q1 2025: Shared Security Client (SSC) ecosystem development.
Summary:
BounceBit and its tokenomics represent a significant leap in the integration of traditional financial concepts with cutting-edge blockchain technology. By incorporating Bitcoin into its PoS network and providing innovative staking solutions, BounceBit not only enhances the utility of BTC but also sets new standards for token economics.
As the platform continues to evolve, it is expected to become the cornerstone of next-generation blockchain infrastructure, providing a stable, secure, and scalable environment for users, holders, and validators to grow their digital assets.
