GuShiio.com By launching Hybrid BTC, BOB has consolidated its position as the “ideal home” for BTC DeFi, creating a way to safely and seamlessly bridge multiple L1/L2 public chains to reap the benefits of BTC DeFi.
On February 26, Hybrid Layer2 project BOB (Build on Bitcoin) announced the launch of Hybrid BTC, a DeFi revenue series product, which will build the industry’s first multi-chain BTC revenue layer.
Through Hybrid BTC, users can deposit assets in a vault on the BOB network. The vault can automatically deploy the assets they have deposited into DeFi applications on other chains, and ultimately return the proceeds to users in the form of BTC. During this entire process, users only need to deposit assets into Hybrid BTC, and do not have to worry about issues such as cross-chain and wallet access. They only need to “deposit assets with one click.”
With Bitcoin Finality launched on the BOB main network in the near future, no one will have to compromise on security in pursuit of Bitcoin benefits, further consolidating BOB’s status as the “ideal home” of BTC DeFi. Hybrid BTC’s first partners are Ordinals-based EVM extension protocol Veda, DeFi lending protocol Euler and Bitcoin liquidity pledge platform Lombard.
HybridBTC. pendant vault is the first product in the Hybrid BTC series of products. It was jointly created by BOB and Veda to obtain Bitcoin revenue on the Ethereum network (ultimately returned to users in the form of BTC revenue). According to the latest data, Veda currently has more than $3 billion in TVL. It builds consumer-grade DeFi revenue products and plays a vital role in deploying and managing these vaults.
BOB’s unique hybrid Layer2 model means that the blockchain network, 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 minimum trust. The Hybrid BTC vault will also simplify access to different sources of Bitcoin revenue, allowing users to maximize Bitcoin revenue without having to browse different product interfaces or wallets.
In addition, Lombard’s LBTC will be used as the underlying asset for the new vault, providing additional utility for the $1.8 billion Bitcoin Liquid Pledged Token (LST) TVL. In the future, BOB will launch more vaults to obtain BTC DeFi revenue from chains such as Solana, BNB, Base, Move and Berachain.
Alexei Zamyatin, co-founder of BOB and core contributor to BitVM, said:
As a hybrid Layer2, BOB is building the first multi-chain revenue layer for Bitcoin. Thanks to our unique hybrid Layer2 model, BOB will be the best place to earn Bitcoin revenue while crossing links to other L1/L2 public chains in the safest way possible. HybridBTC. pendant is the first in the Hybrid BTC series of revenue products, which allows ordinary retail investors to make large-scale profits on the Ethereum network like the “giant whale” without the need for high Gas fees or the need to manually create and manage these positions.
In addition, Zamyatin added:
Hybrid BTC is a very powerful BTC DeFi tool that positions BOB as the “home” for L1/L2 public chains to gain BTC liquidity. Since BOB has the security of the Bitcoin network, other chains only need to check and trust Bitcoin to see that BOB is safe. This is a simple task for every smart contract chain, so the potential impact of Hybrid BTC on the market is huge.
Veda co-founder and CEO Sun Raghupathi said:
Yield Bearing Assets
These cross-chain revenue positions are tokenized as yield bearing assets (YBA) on BOB and can be used in the DeFi application on BOB. HybridBTC. pendant has integrated Euler v2, which is also available on the BOB network today.
Euler is a flexible, decentralized lending platform that maximizes the benefits of users ‘positions through HybridBTC.pendant. Euler’s permissionless mechanism makes it a powerful tool for DeFi users seeking efficient BTC liquidity management.
To support the double spiral growth of HybridBTC. pendant and BTC DeFi, BOB also launched the DeFi event BOB Rise, which encourages users to divide the 750,000 OP tokens BOB received in Season 6 Optimism Grant. The BOB Rise event aims to enhance the liquidity supply of BTC while promoting lending of Bitcoin Liquid Pledged Tokens (LST) and the New YBA.
Michael Bentley, CEO of Euler, said:
With the launch of Euler v2 on the BOB network, we are pleased to provide Bitcoin holders with a secure way to use their Bitcoin. Users use HybridBTC. pendant as collateral to open new functions for leverage and liquidity management. We are proud to be part of the new era of BTC DeFi, working together with BOB to take an important step towards 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 and is committed to building itself into the “Home of BTC DeFi.” The unique Hybrid L2 model combines the advantages of two ecosystems, Bitcoin’s security and sleeping BTC capital, with Ethereum’s DeFi innovation and versatility.
By positioning BTC as the backbone of a new decentralized financial system, BOB can unlock new use cases and trillions of BTC liquidity. BOB uses the BitVM protocol to perfectly inherit the security of the Bitcoin network and create a bridge of minimum trust between BOB, Bitcoin, Ethereum and other L1 networks. Therefore, Hybrid L2 does not need to rely on third-party cross-chain bridges for interoperability, and easily concentrates liquidity around the Bitcoin network rather than spreading it across individual chains.
BOB is supported by leading investors such as Castle Island Ventures, Coinbase Ventures, Ledger Cathay Ventures and IOSG.
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About Veda
Veda is the first native revenue layer built specifically for the decentralized finance (DeFi) ecosystem, allowing crypto applications, asset issuers and protocols to build consumer-grade cross-chain revenue products. Veda’s technology supports many mainstream DeFi vault products, including ether.fi Liquid, Lombard DeFi Vault and Mantle cmETH. More than 100,000 users currently trust and use Veda, and the platform has stored approximately US$3 billion in assets so far.
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on Euler
Euler is a decentralized, licensable loan agreement that helps users earn interest on crypto assets or hedge against volatile markets without the need for a trusted third party, where lenders and borrowers receive market-leading risk-adjusted interest rates. Developers can create and manage markets the way they want, with organization-level security. For more information, visit euler.finance.
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