Interlay Launches MVP of BOB, A New Bitcoin Layer 2 Bridge For Cross-Chain Token Transfers to the Bitcoin Network
On August 29, the team behind decentralized Bitcoin infrastructure provider Interlay unveiled the Minimum Viable Product (MVP) of its BOB ("Build on Bitcoin") solution, a new Bitcoin layer 2 network.
As a hub for innovation and decentralized application development, BOB integrates Rust smart contracts compatible with Bitcoin libraries like Lightning and Ordinal while supporting the Ethereum Virtual Machine (EVM).
Developers envision BOB as a prime platform to nurture experimentation and create new decentralized applications on Bitcoin's robust framework.
"Our goal is to enable builders to create truly decentralized applications and innovate on top of Bitcoin's existing stack, including Lightning, Ordinals, and Nostr," Co-founder Alexei Zamyatin said in a statement.
"Thereby, BOB bets on enabling builders from Ethereum and other ecosystems to quickly bring their DeFi, NFT, and other web3 products to Bitcoin's 300 million users."
Interlay is the universal layer for Bitcoin finance worldwide, encompassing BTC trading, lending, staking, and integration with diverse DeFi offerings. It's built on a trustless bridge foundation, layered with an AMM and money market, all presented through an intuitive one-click interface.
This interface provides seamless on/off ramps and multi-chain compatibility. With a history of $9.5 million in venture funding, Interlay has also pioneered tokenized Bitcoin and contributed to a Polkadot cross-chain bridge.
The first MVP of BOB features a demonstration app that implements the novel Bitcoin standard BRC-21, enabling secure token bridging from other chains like ETH, DAI, and USDC to Bitcoin.
Introduced by the Interlay team in response to the Ordinals protocol's sudden rise, BRC-21 employs the BRC-20
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