If summarized in one sentence: Combine the security of BTC + the incentives of BB + trustee-backed realizable yields (CeDeFi) + EVM compatibility, packaged into a public chain and platform capable of 'running strategies, accessing RWA, and doing re-staking'. This is not merely DeFi, nor traditional CeFi, but a 'hybrid power' of both.

Core Logic: Dual Token PoS + Custody Yields + Re-staking

Dual Token PoS: Validators stake both BTC and BB, with security anchored in BTC and activity relying on BB; the chain itself is fully EVM compatible, allowing developers to directly reuse the Ethereum ecosystem.

LCT (Liquidity Custody Token) and Re-staking: Users place BTC/stablecoins into compliant custody and strategy pools to receive LCT that can be used on-chain, and then use LCT for restaking and DeFi farming, achieving 'off-chain interest + on-chain reuse'.

Underlying Settlement and Risk Control: Integrated with Ceffu's MirrorX for off-chain/on-chain settlement and dynamic allocation of funds among multiple managers, aiming to reduce counterparty risk and enhance strategy execution efficiency (e.g., arbitrage, hedging).

To put it simply: BB is like a 'hybrid engine'—oil and electricity in parallel. BTC ensures 'stable chassis', while BB and strategy systems ensure 'acceleration and energy recovery'.

Latest Developments: Bringing RWA and strategy together

BB Prime: Integrating government bond yields into the strategy platform

In August 2025, BB announced that Franklin Templeton's tokenized money market fund would serve as the settlement/collateral backbone, allowing strategies to leverage crypto yields on top of 'U.S. Treasury interest'; BB Prime has opened for pre-registration.

Ecosystem Expansion: Starting in Q2 of this year, the official rolled out several initiatives—integrating delivery-type stable assets PortUSD, launching BounceBit Trade (high-leverage contracts), and extending the CeDeFi protocol to Solana for easier multi-chain fund and strategy management.

Funding and Scale: How to Measure Its 'Substance'

Financing: In February 2024, it secured $6 million in seed funding, led by Blockchain Capital and Breyer Capital, with participation from several crypto funds.

TVL Metric Clarification:

Cross-Chain Metric (including multi-chain strategies/assets): As of the end of May 2025, Messari estimates about $514 million.

Only on-chain metric (viewed from BounceBit itself): DeFiLlama currently shows several tens of millions of dollars (will fluctuate with the market). Two different metrics, one looks at 'consolidated group reports', the other at 'individual companies', do not confuse them.

Node and Token Starting Point: The mainnet and BB launch began in May 2024, and it is one of the first projects in the Binance Megadrop; the circulating locking/unlocking rhythm often cites official documents, with investors/teams having a 12-month lock-in period followed by monthly releases.

How to Use the Product: A convenient path 'from deposit to re-staking'

1. Deposits and Custody: Integrating BTC/stablecoins into custody and strategy accounts to generate LCT. The benefit of this step is that 'interest earned off-chain' becomes a certificate that can be reused on-chain.

2. Re-staking: Using LCT for on-chain re-staking to receive network incentives or protocol fee sharing.

3. Stacking Strategies: Choose fixed income, structured returns, or RWA + DeFi composite strategies based on risk preference (e.g., using a treasury bond fund as the base in BB Prime and stacking on-chain yields).

4. Fund Dispatch: Off-chain settlements supported by MirrorX facilitate quick arbitrage and reallocation across multiple trading pairs/managers.

Highlights vs. Risks

RWA x Strategy Combination: Using 'realizable U.S. Treasury interest' as the base, then stacking on-chain yields theoretically improves the Sharpe ratio and capital efficiency.

Multi-chain and Tooling: EVM compatible + cross-chain deployment, reducing development and fund migration costs.

Institutional Compliance Infrastructure: Compliant custody and off-chain settlement allow more 'discerning' institutional funds to enter and try.

Main Risks

Custody/Counterparty Risk: CeDeFi is not 'custody-free'; it is essential to consider the custodian, settlement chain, and risk control. No matter how strong the strategy, one must ask: Where are the assets, and how are they settled?

Strategy Risk: Arbitrage/structured strategies have marginal capacity and execution risk; extreme market conditions may lead to unexpected drawdowns. (Industry consensus point, cautiously assessed in combination with its 'automation and multi-manager' architecture.)

Regulation and Compliance: RWA involves securities/fund regulation, and changes in regional laws may affect access and yield distribution.

Supply-side Pressure: Based on the community's summary of the official token economics, some allocations are locked and released monthly; the secondary market should pay attention to the marginal selling pressure caused by increased circulation.

An 'observation checklist' for traders/content creators

Adoption data of BB Prime (stock scale, strategy annualized return, drawdown) and liquidity of underlying funds.

The gap between cross-chain TVL and on-chain TVL (representing strategy extension vs. native ecosystem activity).

New Products and Integration Rhythm (e.g., contract business progress, Solana side strategies, more RWA assets).

BB's selling point is not in 'flashy narratives', but in tying 'realizable yields' and 'reusable on-chain rights' together, then pushing it to larger funding pools using tools and compliant pathways. For those looking to make BTC 'move', this is a set of configuration tools worth serious study, but don’t forget—the effectiveness of strategies and risk control are always core.