2 days ago
BOB, the "hybrid layer-2" web seeking to marque Bitcoin the halfway of the decentralized concern (DeFi) universe, has taken a measurement toward that extremity by integrating with BTC restaking protocol Babylon.
An abbreviation of "Build connected Bitcoin," BOB's purpose is to establish Bitcoin arsenic the foundational web for DeFi by creating bridges betwixt itself and different blockchains, utilizing Bitcoin arsenic the anchor concatenation to finalize transactions.
Integrating with Babylon forms portion of BOB's roadmap by giving it "Bitcoin finality," the constituent astatine which a transaction is imperishable and irreversible connected the oldest blockchain. Assets deposited from different chains connected BOB would beryllium confirmed and verified connected Bitcoin via Babylon's protocol.
Babylon, which is billed arsenic a mode of utilizing BTC to unafraid different protocols and decentralized applications, is the foremost Bitcoin staking task successful the sector, with full worth locked (TVL) of astir $6 billion.
Staking refers to offering up crypto tokens to enactment the moving of a blockchain web successful instrumentality for rewards, akin to accruing involvement successful a slope account.
Such a process is cardinal to networks similar Ethereum and Solana which tally connected a "proof-of-stake" mechanism, but is absent from Bitcoin, which usage "proof of work."
However, fixed that the full marketplace headdress of bitcoin is greater than each different crypto plus combined, projects similar Babylon are exploring ways of tapping into BTC's heavy reserves to payment the broader industry.
This week, Babylon completed its 3rd staking circular successful which it took its full BTC staked to 57,290 ($5.93 billion), placing it successful the apical 10 protocols by TVL, according to information tracked by DeFiLlama.
BOB's adjacent measurement is to motorboat bridges connecting Bitcoin to different networks, utilizing BitVM, a computing paradigm designed to let Ethereum-style astute contracts connected the world's archetypal blockchain. BitVM is acceptable for testnet merchandise successful Q1 of 2025.
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