BounceBit (BB) is the native utility token of the BounceBit network, which positions itself as the first native Bitcoin (BTC) Restaking chain.
The network employs a unique dual-token Proof-of-Stake (PoS) consensus mechanism, where both Bitcoin and BB tokens are staked to secure the network.
BB tokens are crucial for various functions within the BounceBit ecosystem, including paying for transaction gas fees and executing smart contracts.
Additionally, BB token holders can participate in the platform's on-chain governance, allowing them to vote on important protocol upgrades and decisions.
The token also serves as an incentive for validators who contribute to the network's security and as a medium of exchange within the BounceBit platform.
This innovative approach aims to unlock greater utility for Bitcoin by combining elements of both decentralized (DeFi) and centralized finance (CeFi).