Build on Bitcoin (BOB), a project dedicated to unlocking native Bitcoin decentralized finance (DeFi) capabilities, has secured $21 million in funding.
The investment will support the development of BOB’s innovative approach, which functions as a layer-2 blockchain network. BOB aims to bridge the gap between Bitcoin and Ethereum’s DeFi ecosystem, enabling previously untapped Bitcoin liquidity to access decentralized applications.
BOB utilizes a hybrid chain model designed to merge Bitcoin’s robust security with Ethereum’s established versatility and developer environment. A key component is BitVM2 technology, allowing users to interact directly with DeFi applications using their native BTC, eliminating the need for custody services or wrapped tokens.
Progress includes plans to launch BTC-staked finality by the end of 2025. Important milestones have already been achieved, with current data showing BOB holding a total value locked (TVL) of $212 million. Within this, DeFi protocols on BOB account for $132.2 million spread across its ecosystem, which has attracted over 553,000 users.
The project’s primary goal is to significantly reduce Bitcoin DeFi’s existing reliance on centralized entities or wrapped Bitcoin representations by providing a trust-minimized bridging solution. This aims to enhance both security and decentralization within the Bitcoin finance landscape.