BounceBit has built a Bitcoin re-staking infrastructure to provide the base layer for different re-staking products. Through a CeFi + DeFi architecture, BounceBit enables Bitcoin holders to earn income from multiple sources.
The $BB token has multiple uses on the BounceBit platform:
Staking: Stake $BB to participate in Bounce Bit PoS’s dual-currency staking mechanism.
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 a variety of applications and infrastructure as a medium of exchange or store of value.
Layer 1 of BounceBit consists of the following parts:
Dual-coin PoS: A hybrid consensus mechanism where each validator can accept both $BBTC and or $BB tokens;
Native LSD module: This module allows delegating staking to validators and receiving LST certificates as rewards.
BounceBit's base CeFi layer consists of the following components:
Compliant custody: All user funds are stored in a secure custody solution through the MPC wallet.
OTC Settlement: OES securely taps into CEX’s liquidity while trades are settled over-the-counter.
The project has raised $7.98 million in previous funding.
The total supply of $BB is 2,100,000,000 coins, with a post-listing circulating supply of 409,500,000 coins (19.50% of the total token supply).
Key indicators
Source: Binance
Token distribution
Source: Binance
1. What is BounceBit?
BounceBit empowers Bitcoin assets, transforming Bitcoin from a passive asset into a positive force in the crypto ecosystem by actively participating in network verification and various income-generating activities (including CeFi, DeFi and restaking).
1.1 Project mission
The project’s mission is to give more people access to the high-yielding opportunities in Bitcoin assets that are typically only available to quantitative and top asset management firms. BounceBit’s goal is to bring the combined benefits of transparent CeFi and DeFi to the masses.
1.2 Value proposition
Based on the concept that promoting the development of Bitcoin should mainly involve using assets without changing the Bitcoin blockchain, BounceBit effectively combines centralized finance (CeFi) by utilizing funding rate arbitrage and creating on-chain certificates for re-staking and mining. ) and the advantages of decentralized finance (DeFi). This integration creates opportunities for Bitcoin to generate better yields and become more widely used.
1.3 Project Highlights
Bitcoin Restaking: Bitcoin Restaking infrastructure built by BounceBit secures funds through regulated custody services from Ceffu, Mainnet Digital and Fireblocks. When assets generate interest through arbitrage strategies managed by experienced asset management entities, users are provided with a pegged version of Bitcoin called bounceBTC ($BBTC), which can be delegated to node operators and managed by nodes. The operator returns the pledge certificate ($stBTC) to the staker. This liquid collateralized derivatives can then be re-collateralized to other Shared Security Clients (SSCs) such as sidechains, bridges and oracles.
Dual-coin PoS: Dual-coin PoS is a hybrid consensus mechanism where each validator can accept $BBTC and or $BB tokens at the same time. The system expands the stakeholder base and weaves an additional layer of resiliency and security into the network’s consensus fabric.
BounceClub: BounceClub can be used as an on-chain space. Users can create DeFi experiences using completed mini-programs without coding and can be easily integrated from the App Store.
Liquid Custody: BounceBit introduces the concept of "Liquid Custody" to keep mortgage assets liquid and provide more opportunities to earn income. When users deposit assets into BounceBit, they will receive a Liquid Custody Token (LCT), which represents their assets in custodial custody at a 1:1 ratio. These tokens can be cross-chained to BounceBit and used further.
1.4 Existing products
solution design
Source: Binance
Liquid pledge derivative financial products module
Source: Binance
This infographic introduces BounceBit’s native Liquid Staking Derivative (LSD) module. Token holders can delegate their $BBTC and $BB to validators and receive LST ($stBBTC, $stBB) as credentials. Nodes are selected as active validators based on voting weight, otherwise they are candidate validators. The maximum number of validators is determined by management.
Liquid hosting
This infographic illustrates the concept of liquid custody. After users deposit assets, BounceBit will issue them a liquid escrow token. Funds are held in industry-standard custody solutions. Users can choose to participate in delta-neutral funding rate arbitrage strategies through an over-the-counter settlement solution (Ceffu’s MirrorX).
2. Token economic model
2.1 Token distribution
Source: Binance
2.2 Token issuance schedule
Source: Binance
Note: $BB tokens will continue to be unlocked after March 2033.
3. Roadmap
Important Milestones
Source: Binance
future roadmap
Q2 2024：
Premium Yield products ongoing
BounceBit chain mainnet online
Ecological construction
BounceClub distribution
Q3 2024：
More CeDeFi products
Options and structured products
loan
Q4 2024：
BounceBit re-staking platform
Q1 2025：
Shared Security Client (SSC) Ecosystem Construction
Business and Business Development Plan
Ceffu: Centralized Hosting & OES Solution
Mainnet Digital: Compliant Institutional Crypto Asset Custody
Antalpha: Bitmain Asset Management Operation Platform
4. Community
Twitter
Medium
Telegram
Discord
Blockchain Explorer - BBScan
[Disclaimer] There are risks in the market, so investment needs to be cautious. This article does not constitute investment advice, and users should consider whether any opinions, views or conclusions contained in this article are appropriate for their particular circumstances. Invest accordingly and do so at your own risk.
This article is reprinted with permission from: "MarsBit"
Original author: Binance
