BOB positions Bitcoin as the pillar of DeFi, aiming to unlock trillions of dollars in liquidity for BTCFi.
On January 23, the hybrid L2 network BOB announced the integration of Chainlink's Cross-Chain Interoperability Protocol (CCIP) as the standardized cross-chain infrastructure for its native assets, to promote innovative development in BTC DeFi and unlock trillions of dollars in liquidity.
BOB has been committed to providing proven infrastructure for ecosystem developers to enhance the functionality and coverage of its Hybrid L2 network. To fulfill this commitment, BOB will integrate Chainlink CCIP, which supports linking Bitcoin and Ethereum native networks using BOB's trust-minimized BitVM bridge, helping BOB achieve its mission of positioning Bitcoin as a pillar of DeFi.
Since its establishment, Chainlink has built one of the largest ecosystems in the blockchain industry. CCIP is a cross-chain messaging protocol developed by Chainlink's decentralized oracle network, designed to support various cross-chain dApps, token bridges, and programmable token bridges. It provides smart contract developers with the ability to transfer data and tokens across blockchain networks in a trust-minimized manner.
By integrating with the Chainlink community and ecosystem, BOB developers will be able to build feature-rich cross-chain applications based on CCIP, maximizing the adoption and prosperity of BTCFi, and helping BOB solidify Hybrid L2 as the pillar of Bitcoin DeFi and the best scenario for using Bitcoin liquidity staking tokens (LST).
“BOB plays a crucial role in driving the development of the BTCFi ecosystem, providing underlying infrastructure support for the continued scalability of the Bitcoin ecosystem. Chainlink CCIP is perfectly suited to provide BOB developers with the tools needed to build highly secure and feature-rich cross-chain applications, and we are very much looking forward to seeing how developers will leverage the Chainlink protocol standards to create innovative applications that users love,” said Johann Eid, Chief Business Officer of Chainlink Labs.
BOB is a hybrid L2 platform that combines the security of Bitcoin with the flexibility of Ethereum smart contracts, aimed at enhancing the utility of Bitcoin and expanding its functionality. BOB positions Bitcoin as the pillar of DeFi, aiming to unlock trillions of dollars in liquidity for BTCFi.
Unlocking Secure Cross-Chain Interoperability with CCIP
To enhance cross-chain interoperability within the BOB ecosystem, BOB needs to integrate a highly secure and reliable interoperability solution. BOB chose to integrate Chainlink CCIP because it complements the existing BitVM bridge cross-chain routes while adding numerous innovative features and user experiences, such as:
Proven Security: The consensus and interoperability layer of CCIP is powered by Chainlink's decentralized oracle network, which has an impressive track record, securing billions of dollars in assets and achieving over $18 trillion in on-chain transaction value.
Secure Token Transfers: CCIP also introduces the Cross-Chain Token (CCT) standard, which is a cross-chain native token protected by CCIP. CCT supports self-deployment, complete control and ownership for developers, enhanced programmability, and zero-slippage transfers—all backed by the industry-standard deep defense security of CCIP. Notably, CCT is agnostic to token logic, meaning token developers can deploy pre-audited token pool contracts to convert any ERC20-compatible token into CCT or deploy their own custom token pool contracts for custom token use cases. CCT does not require token developers to inherit any CCIP-specific code in their token's smart contracts. CCT also benefits from additional security features in its CCIP token pool, such as configurable rate limits and reliability features (e.g., smart execution), which help ensure that transactions are executed securely and reliably on the target chain regardless of blockchain network congestion.
Arbitrary Messaging: CCIP enables developers to create cross-chain native applications by transmitting byte-encoded arbitrary data between smart contracts on different blockchains. Cross-chain messaging supports a wide range of use cases, from cross-chain NFT transfers to cross-chain lending.
Programmable Token Transfers: CCIP supports cross-chain value transfers (via CCT) while providing data instructions that inform the receiving smart contract how to handle the tokens once they arrive on the target chain. Through programmable token transfers, CCIP can condense a series of complex operations involving multiple users, blockchains, and assets into a single atomic cross-chain instruction.
Scalable and Future-Proof: CCIP is designed to provide developers with future-proof solutions that can continue to evolve, including the integration of new blockchain networks, allowing developers to join other tokens without permission while retaining full ownership of their token contracts, and incorporating new proven security methods.
“BOB is making significant progress towards realizing its vision for a hybrid L2. By the end of 2024, we will announce the integration of the Bitcoin Security Network (BSN) with Babylon, bringing Bitcoin's finality into the hybrid L2 model; we have also successfully tested the first BitVM-powered Bitcoin bridge with Fiamma, accelerating the implementation of the hybrid L2 model. The integration of Chainlink CCIP into the BOB hybrid L2 network is another major step towards achieving our ultimate goal. This integration not only expands BOB's capabilities but also connects us with Chainlink's extensive ecosystem, significantly advancing the development of Bitcoin DeFi,” said Alexei Zamyatin, co-founder of BOB.
About Chainlink
Chainlink is the standard for on-chain finance, verifiable data, and cross-chain interoperability. Chainlink is unifying global market liquidity and has achieved over $18 trillion in transaction value within the blockchain economy. Major financial market infrastructures and institutions, including Swift, Fidelity International, and ANZ, as well as top DeFi protocols like Aave, GMX, and Lido, use Chainlink to power the next generation of applications in banking, asset management, and other key sectors. For more information, visit chain.link.
About BOB
BOB (Build on Bitcoin) is a hybrid Layer-2 network that combines the advantages of Bitcoin and Ethereum, aiming to establish itself as the "home of BTC DeFi." The unique Hybrid L2 model merges the strengths of both ecosystems—Bitcoin's security and dormant BTC capital, along with Ethereum's DeFi innovation and versatility. By positioning BTC as the pillar of a new decentralized financial system, BOB can unlock new use cases and trillions in BTC liquidity. BOB perfectly inherits the security of the Bitcoin network using the BitVM protocol and creates trust-minimized bridges between BOB, Bitcoin, Ethereum, and other L1 networks. Therefore, the Hybrid L2 does not need to rely on third-party cross-chain bridges for interoperability, easily concentrating liquidity around the Bitcoin network rather than dispersing it across various chains.
BOB is supported by leading investment institutions such as Castle Island Ventures, Coinbase Ventures, Ledger Cathay Ventures, and IOSG.
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