On February 26, the hybrid Layer2 project BOB (Build on Bitcoin) announced the launch of the DeFi yield series product Hybrid BTC, which establishes the industry's first multi-chain BTC yield layer. Through Hybrid BTC, users can deposit assets into the vault on the BOB network, which can automatically deploy the assets deposited by users into DeFi applications on other chains, ultimately returning the profits to users in the form of BTC. Throughout this process, users only need to deposit assets into Hybrid BTC without worrying about cross-chain and wallet integration issues; they just need to "deposit assets with one click."

With Bitcoin Finality set to launch on the BOB mainnet in the near future, anyone can pursue Bitcoin yields without compromising on security, further solidifying BOB's position as the "ideal home" for BTC DeFi. The first partners of Hybrid BTC include the Ordinals-based EVM extension protocol Veda, the DeFi lending protocol Euler, and the liquidity staking platform Lombard.

The HybridBTC.pendle vault is the first product in the Hybrid BTC series, co-created by BOB and Veda to obtain Bitcoin yields on the Ethereum network (ultimately returned to users in the form of BTC yields). According to the latest data, Veda's current TVL has exceeded $3 billion, building consumer-grade DeFi yield products and playing a crucial role in deploying and managing these vaults.

BOB's unique hybrid Layer2 model means that the blockchain networks, cross-chain bridges, and all transactions involved in Hybrid BTC will be protected by the security of the Bitcoin network. This provides users with unparalleled security, ease of use, and Bitcoin consistency, adhering to the core principles of security, decentralization, and minimal trust. The Hybrid BTC vault will also simplify access to different sources of Bitcoin yields, allowing users to maximize Bitcoin yields without navigating different product interfaces or wallets. Additionally, Lombard's LBTC will serve as the underlying asset for the new vault, providing additional utility for the $1.8 billion Bitcoin liquidity staking token (LST) TVL. In the future, BOB will launch more vaults to obtain BTC DeFi yields on chains such as Solana, BNB, Base, Move, and Berachain.

Alexei Zamyatin, co-founder of BOB and core contributor to BitVM, stated: "As a hybrid Layer2, BOB is building the first multi-chain yield layer for Bitcoin. Thanks to our unique hybrid Layer2 model, BOB will become the best place to earn Bitcoin yields while securely cross-chain to other L1/L2 public chains. HybridBTC.pendle is the first product in the Hybrid BTC series, enabling ordinary retail investors to earn large-scale yields on the Ethereum network like 'whales,' without high gas fees or the need to manually create and manage these positions."

Furthermore, Zamyatin added: "Hybrid BTC is a very powerful BTC DeFi tool that positions BOB as the 'home' for L1/L2 public chains to obtain BTC liquidity. With the security of the Bitcoin network, other chains only need to check and trust Bitcoin to see that BOB is secure. This is a simple task for every smart contract chain, so the potential impact of Hybrid BTC on the market is enormous."

Sun Raghupathi, co-founder and CEO of Veda, stated: "2025 will be the year of BTC DeFi. BOB's hybrid Layer2 model significantly enhances security and usability in the pursuit of Bitcoin yields. At Veda, we are committed to making DeFi seamless while bringing real-world assets on-chain. Collaborating with excellent projects like BOB allows us to further advance this vision and extend the benefits of DeFi to a broader audience."

Yield Bearing Assets

These cross-chain yield positions are tokenized on BOB as Yield Bearing Assets (YBA), which can be used in DeFi applications on BOB. HybridBTC.pendle has already integrated Euler v2, which has also launched on the BOB network today.

Euler is a flexible decentralized lending platform that maximizes the yield from positions generated by users through HybridBTC.pendle. Euler's permissionless mechanism makes it a powerful tool for DeFi users seeking efficient BTC liquidity management.

To support the dual spiral growth of HybridBTC.pendle and BTC DeFi, BOB has also launched a DeFi initiative—BOB Rise, which incentivizes users to share in the 750,000 OP tokens that BOB received from the sixth season of the Optimism Grant. The BOB Rise initiative aims to enhance BTC liquidity supply while promoting the lending of Bitcoin liquidity staking tokens (LST) and new YBA.

Michael Bentley, CEO of Euler, stated: "With the launch of Euler v2 on the BOB network, we are excited to provide Bitcoin holders with a secure way to utilize their Bitcoin. Users can unlock new features for leverage and liquidity management by using HybridBTC.pendle as collateral. We are proud to be part of the new era of BTC DeFi, working alongside BOB to take significant steps toward innovation in BTC DeFi solutions."

About BOB (Build on Bitcoin)

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 integrates 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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About Veda

Veda is the first native yield layer built specifically for the decentralized finance (DeFi) ecosystem, enabling crypto applications, asset issuers, and protocols to create consumer-grade cross-chain yield products. Veda's technology supports many mainstream DeFi vault products, including ether.fi Liquid, Lombard DeFi Vault, and Mantle cmETH. Currently, over 100,000 users trust and use Veda, with approximately $3 billion in assets stored on the platform to date.

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About Euler

Euler is a decentralized, permissionless lending protocol that helps users earn interest on crypto assets or hedge against volatile markets without needing a trusted third party, providing lenders and borrowers with market-leading risk-adjusted rates. Developers can create and manage markets in their desired way while maintaining institutional-level security. For more information, please visit euler.finance.

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