What is #bouncebit ($BB )? @BounceBit
#BounceBitPrime is an innovative CeDeFi (Centralized-Decentralized Finance) protocol based on the Layer-1 (L1) blockchain that aims to provide Bitcoin (BTC) holders with a use case beyond simply storing value. This allows:
Users can earn additional returns on their BTC by staking and re-staking BTC.
The platform is compatible with EVM (Ethereum Virtual Machine) and the BNB Chain, facilitating the integration of the BTC ecosystem into the DeFi world, enabling the use of tokens such as WBTC and BTCB.
Network security is ensured by validators staking both BTC and BounceBit's native token (BB).
BounceClub offers a user-friendly solution for building on-chain dApps without requiring coding knowledge.
The platform aims to create extensive opportunities for liquidity and leverage by integrating CeFi and DeFi together.
Why Does It Stand Out?
BounceBit is a protocol developed to address the gaps left by the collapse of platforms like Celsius and Genesis. It has had a rapid start, exceeding $600 million in TVL (Total Value Locked) during its early access phase.
What is BB Token (BB Coin)?
BB Token is the native governance and utility token of the BounceBit ecosystem. It serves various functions within the platform:
Governance: BB token holders have voting rights on significant protocol changes, updates, and governance processes.
Staking and Reward Mechanism: Validators who stake BB tokens earn rewards while maintaining network security.
Gas Fees: BB tokens are used to pay gas prices during transactions.
Security: MPC (Multi-Party Computation) is supported for secure custody solutions, and mechanisms like Off-Exchange Settlement (OES) provide additional liquidity and security.
Supply Information
The maximum supply of BB tokens is capped at 2,100,000,000 (2.1 billion), designed to parallel Bitcoin's supply of 21 million.
Published articles indicate a circulating supply of 409.5 million BBs as of mid-2024.
Summary Comparison Table
Features: BounceBit (Project) BB Token
Core Function: BTC Retaking, CeDeFi & DeFi Integration, Governance, Reward System, Gas Payment
Security Model: BTC + BB Staking Validators, MPC Custody, DApp Transactions, Gas
Token Supply: 2.1 billion (maximum), ~409.5M in Circulation
Point of Difference: Binance Megadrop Launch, Rapidly Growing TVL, Governance Participation, Staking Rewards
Conclusion
BounceBit is an innovative CeDeFi protocol that allows BTC holders to use their assets as active assets rather than simply storing them. The BB token stands out as a limited-supply token within this ecosystem, with central roles such as governance, rewards, and transaction fee payments.