🚀 What is BounceBit?
BounceBit is a layer 1 blockchain designed to allow Bitcoin holders to earn yield through staking and restaking, integrating elements of centralized finance (CeFi) and decentralized finance (DeFi) into a system that merges both worlds, known as CeDeFi.
The platform operates with a dual token system:
BBTC, a token backed by BTC, and
BB, the native token of BounceBit, which is used for staking, fees, governance, and liquidity.
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🧬 Philosophy and Technical Architecture
BounceBit redefines how Bitcoin can be integrated into modern applications without altering its original protocol:
It operates as a hybrid Proof of Stake (PoS) chain, where validators can stake BBTC or BB – or both – and be rewarded with network fees and rewards via staking.
It is compatible with the Ethereum Virtual Machine (EVM), allowing developers to deploy smart contracts using familiar tools from the Ethereum ecosystem.
With this architecture, BounceBit enables Bitcoin to be activated within the DeFi applications ecosystem without compromising its integrity or decentralization.
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🏗️ History, Funding, and Project Evolution
Founded in December 2023 by Jack Lu, former partner at NGC Ventures and co-founder of Bounce Finance.
In February 2024, it completed a seed round of 6 million dollars led by Blockchain Capital and Breyer Capital, along with multiple institutional investors such as Binance Labs, OKX Ventures, NGC Ventures, among others.
It launched its mainnet on May 13, 2024, followed by an airdrop of BB tokens for early users. However, phishing scams emerged, highlighting the importance of using official channels of the project.
@bounce_bit #BounceBitPrime $BB
