CeDeFi Platform: BounceBit is a platform that integrates elements of CeFi and DeFi to offer a multi-strategy and multi-asset ecosystem.
Focus on Bitcoin: It aims to enhance the utility of Bitcoin, allowing users to earn yields and participate in innovative ways with their BTC.
Dual staking mechanism: It uses a dual token staking system, combining the native security of Bitcoin with the compatibility of the Ethereum Virtual Machine (EVM). This allows validators to accept both BBTC tokens (Bitcoin Wrapped on BounceBit) and BB tokens.
Uses of the BB token:
Staking: It is used to actively participate in the dual token staking mechanism.
Protocol incentive: It is paid as a staking reward to validators who secure the network.
Gas: It is the denomination of the gas fees required to perform transactions and execute smart contracts.
Governance: It allows participation in on-chain governance, such as voting on protocol updates.
Currency: It can be used as currency on the BounceBit platform for various applications.
Total supply: The total supply of BB is limited to 2.1 billion, a figure chosen as a nod to Bitcoin's total supply of 21 million.
It is important to note that, in the world of cryptocurrencies, acronyms can be confusing. Although "BB" is primarily associated with BounceBit, you may also find references to:
BB Gaming: A different cryptocurrency with a much smaller market capitalization and very low trading volume.
BB token (BlackBerry Token): Another cryptocurrency, although less prominent and with different market value and activity.
BNB (Binance Coin): While not "BB", it is a well-known cryptocurrency from the Binance platform, and there may sometimes be confusion due to the similarity of the letters.
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