What BounceBit has been doing lately is quite interesting. To put it simply, it is helping Bitcoin 'get moving' to make money. Previously, BTC was mostly just bought and held, but now it wants to use BTC for re-staking, which not only ensures security (the custodians are regulated institutions like Mainnet Digital and Ceffu) but also provides underlying support for various projects.
It has created its own PoS public chain, where validators need to stake both BTC and BounceBit's native token, forming a dual security mechanism. Moreover, this chain is EVM-compatible, meaning you can directly run the Ethereum ecosystem, perform various on-chain operations, and have a smooth experience.
Core facilities like bridges and oracles actually rely on re-staked BTC for security backing. Their entire framework is a combination of CeFi and DeFi, which is both secure and flexible. Simply put, it allows your BTC not just to appreciate in value but also to earn returns.
The price has now fallen back to around 0.1, while it soared to 0.86 at the beginning of June last year. Calculating it out, this position is quite suitable for considering long-term holding, waiting for it to slowly climb up.
