#BounceBit - Standing Out in the World of "Restaking" Projects? Considering the existence of #Babylon 👇
BounceBit is currently the second project, after Babylon, to receive investment from Binance Labs and is related to the $BTC field.
While previous projects such as AltLayer($ALT ), Puffer Finance, EtherFi ($ETHFI ), or #Renzo are related to staking and restaking $ETH, these two projects have a specific focus on BTC.
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Specifically, Babylon allows users to stake BTC on PoS chains to secure the network and earn rewards. With the Bitcoin staking protocol, users can stake BTC directly without the need for bridging, token wrapping, or third-party services.
Furthermore, Babylon also introduces the Fast Unbonding feature, which allows users to unstake their BTC tokens at any time, instead of being bound by specific stake durations like other PoS chains. For example, Polkadot requires a 28-day unstaking period, while Cosmos requires 21 days.
Babylon's backers include Binance Labs, Polychain Capital, Hack VC, and others, with investments totaling $18 million.
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On the other hand, BounceBit is a Bitcoin restaking and #CeDeFi protocol that aims to expand the capabilities of Bitcoin beyond its traditional role as a store of value.
By utilizing strategies such as funding rate arbitrage and issuing on-chain certificates for restaking and mining, BounceBit combines the best features of centralized finance (CeFi) and decentralized finance (DeFi), unlocking new possibilities for Bitcoin and enabling enhanced yield generation and applications.
BounceBit has received backing from Binance Labs, OKX, Blockchain Capital, Breyer Capital, and others, with investments exceeding $6 million.
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In addition, BounceBit is scheduled to launch its mainnet around the end of May, and there will soon be a phase 2 testnet.
Those who have idle stablecoins or are holding BTC are advised to consider allocating funds to the BounceBit farm. Users can withdraw their BTC to a Meta Bep20 wallet, where it will automatically be converted into BBTC, and then proceed with the deposit.
