#BounceBitPrime BounceBit (BB) is a blockchain project that aims to bridge the gap between Centralized Finance (CeFi) and Decentralized Finance (DeFi) by creating a CeDeFi (Centralized Decentralized Finance) infrastructure. Its primary focus is on enhancing the utility of Bitcoin (BTC) by enabling Bitcoin holders to earn yields through various strategies, including restaking.
Here's a breakdown of what BounceBit (BB) is:
Native BTC Restaking Chain: BounceBit is a Layer 1 blockchain network specifically designed for Bitcoin restaking. This means users can stake their BTC on BounceBit and earn additional rewards without needing to unstake their original BTC from the Bitcoin network itself.
CeDeFi Infrastructure: It combines the security and reliability of CeFi with the transparency and flexibility of DeFi. This allows users to engage with institutional-grade financial tools while benefiting from the decentralization of blockchain technology.
Dual-Token Proof-of-Stake (PoS) Mechanism: The BounceBit network uses a unique PoS mechanism where validators stake both BTC and BounceBit's native token (BB) to secure the network and earn rewards.
BB Token: BB is the native token of the BounceBit ecosystem. It is used for transaction fees, network governance (voting on proposals), staking to become a validator and earn rewards, and as a medium of exchange within the BounceBit platform.
EVM Compatibility: BounceBit Chain is fully compatible with the Ethereum Virtual Machine (EVM), allowing for seamless integration with existing DeFi applications and tools built on Ethereum.
Liquidity Custody Tokens (LCTs): Users can deposit their assets (like BTC, ETH, BNB, SOL) and receive LCTs in return. These tokens represent their assets held in regulated custody while still allowing users to participate in DeFi activities.
BounceClub: BounceClub is an on-chain Web3 ecosystem within BounceBit where users can create and interact with decentralized applications (dApps), including GameFi, Meme coins, and other DeFi tools.
