A couple of days ago, I was chatting with friends from the Lightning Network, discussing a question: why is it that $BTC, the largest asset in the cryptocurrency space, has an ecosystem and applications that have remained lukewarm? In comparison, $ETH's DeFi Total Value Locked (TVL) can account for 30% of the entire DeFi ecosystem, while BTC, including all cross-chain wrapped forms, is less than 0.3%. This is because BTC has not yet truly entered the DeFi space natively, and network limitations are one of the reasons.

Since the birth of ETH, there have been many attempts to bridge BTC to ETH. There are many products aimed at providing better liquidity and returns for BTC, and generating continuous returns for Bitcoin is also a research direction for many focusing on #BTCFi. Currently, the vast majority of value-added for BTC comes from collateralized lending, but simple collateralized lending is still hard to meet market demand.

This has led to the creation of many second-layer networks for BTC, hoping to enable BTC to "move" in the DeFi space while incorporating smart contracts. One interesting idea is from BOB @buildonbob, which abandons the traditional second-layer network concept. It does not seek TPS or cheap transfers, but rather aims to provide BTC with complete financial and programmable functions based on smart contracts, using BTC as the settlement, trust foundation, and security guarantee.

The DeFi assets on BOB, as well as the bridging and account systems, are centered around BTC. The goal is to create a hybrid second-layer network that balances the security and stability of BTC with the smart contracts of ETH. The technical path involves using native BTC + ZK Rollup + BitVM bridging to achieve trust-minimized use of native BTC on BOB through a custom BitVM bridge.

Thus, all product designs on BOB are very simple, but behind them is an abstract encapsulation of complex mechanisms. The core logic is to allow BTC to be scheduled, staked, lent, and circulated like ETH, without compromising the security and native nature of BTC itself. The ultimate goal is to build a self-custodial, verifiable, and schedulable new type of rollup for BTC.

BOB's philosophy has also attracted the attention of institutions such as Coinbase Ventures, Castle Island, Mechanism, Bankless, IOSG, Blockchain.com, as well as independent investors like AltcoinSherpa, Ran (Crypto Banter), and Coin Bureau, hoping that BOB can achieve ideal results on this path.

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