Build on Bitcoin L2 network developers announce the launch of the mainnet

What’s new? The team of the Build on Bitcoin (BOB) project has launched a mainnet where more than forty decentralized applications (DApps) are already available. BOB is a Layer 2 (L2) hybrid network that connects the Bitcoin and Ethereum blockchains. It offers the liquidity of BTC and the security of the Proof of Work (PoW) consensus algorithm at the same time as access to decentralized financial protocols (DeFi), smart contracts, wallets, and stablecoins on Ethereum.

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What else is known? By the time the mainnet was launched, the total value locked (TVL) of BOB exceeded $280 million. In April, the project successfully completed a $10 million seed round of funding, one of the participants of which was the venture capital arm of US crypto exchange Coinbase.

BOB co-founder Alexei Zamyatin said that a cross-chain protocol for moving assets from the Bitcoin blockchain to the BOB network will be launched next week. The bridge will allow liquidity to be transferred as quickly as between the Ethereum blockchain and L2 networks based on it. Zamyatin also added that BOB is working with the teams developing bridges for Ordinals, Runes, and BRC-20 tokens to provide a tool to migrate them to the new network.

In the second phase of the BOB development, the team will introduce a “merged mining” tool that allows simultaneous mining of cryptocurrency in two or more blockchains. The third phase will introduce the Bitcoin Virtual Machine (BitVM), which will increase the security of the cross-chain protocol.

BOB aims to simplify the adoption of bitcoin in the decentralized finance sector and make bitcoin assets available to users of Ethereum and EVM-enabled networks.

“It is time to end the cult-like feuds and unite the two largest Web 3.0 ecosystems to spearhead mass adoption together,” BOB declared.

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BOB provides EVM developers with the tools to build Bitcoin-based projects by offering infrastructure, SDKs, wallets, and analytics. The team aims to ensure Bitcoin scales intelligently, keeping it secure and increasing decentralization without the need for hard forks.

BOB, connected to both Bitcoin and Ethereum, receives liquidity from the two largest blockchain ecosystems and is positioned by the creators as the best solution on the market for mass adoption of DeFi.