Original source: Binance
BounceBit has built a BTC re-hypothecation infrastructure that provides a base layer for different re-hypothecation products. Through the CeFi + DeFi framework, BounceBit enables BTC holders to earn yield from multiple sources.
BB tokens have multiple uses on the BounceBit platform:
Staking: Stake BB to participate in the dual-currency staking mechanism of Bounce Bit PoS.
Protocol Incentives: Tokens are paid as staking rewards to validators who ensure the security of the network.
Gas Fee: BB is used to pay for the Gas fees required to conduct transactions and execute smart contracts.
Governance: Use BB to participate in on-chain governance, such as voting on protocol upgrades.
Currency: BB can be used as currency on the BounceBit platform. It can be used in various applications and infrastructures as a medium of exchange or a store of value.
Layer 1 of BounceBit consists of the following components:
Dual-Currency PoS: A hybrid consensus mechanism where each validator can accept both BBTC and/or BB tokens;
Native LSD module: This module allows delegating stake to validators and receiving LST certificates in return.
BounceBit’s base CeFi layer consists of the following components:
Compliant Custody: All user funds are stored in a secure custody solution via the MPC wallet.
OTC Settlement: OES can securely tap into CEX liquidity, while trades are settled OTC.
The project has raised $7.98 million from previous financing.
The total supply of BB is 2,100,000,000, and the circulating supply after listing is 409,500,000 (accounting for 19.50% of the total token supply).
Key indicators
Token Distribution
1. What is BounceBit?
BounceBit empowers Bitcoin assets, transforming Bitcoin from a passive asset into a positive force in the crypto ecosystem by actively participating in network validation and various income-generating activities (including CeFi, DeFi, and restaking).
1.1 Project Mission
The projects mission is to make more people accessible to high-yield opportunities in Bitcoin assets that are usually only available to quantitative and top asset management companies. BounceBit aims to bring the combined advantages of transparent CeFi and DeFi to the masses.
1.2 Value Proposition
BounceBit is based on the idea that promoting Bitcoin development should mainly involve using assets without changing the Bitcoin blockchain. It effectively combines the advantages of centralized finance (CeFi) and decentralized finance (DeFi) by taking advantage of funding rate arbitrage and creating on-chain certificates for re-staking and mining. This integration brings opportunities for Bitcoin to generate better returns and be more widely used.
1.3 Project Highlights
BTC Restaking: BounceBit builds BTC Restaking infrastructure, ensuring fund security through regulated custody services of Ceffu, Mainnet Digital, and Fireblocks. When assets generate interest through arbitrage strategies managed by experienced asset management entities, users are rewarded with a BTC-pegged version called bounceBTC (BBTC), which can be delegated to node operators, who return the pledged certificate (stBTC) to the pledger. This liquid pledged derivative can then be re-pledged to other shared security clients (SSCs) such as sidechains, bridges, and oracles.
Dual-Currency PoS: Dual-Currency PoS is a hybrid consensus mechanism where each validator can accept both BBTC and/or BB tokens. This system expands the stakeholder base and weaves an extra layer of resilience and security into the network consensus structure.
BounceClub: BounceClub can be used as an on-chain space where users can use the built mini-programs to create DeFi experiences without the need for code and can be easily integrated from the App Store.
Liquid Custody: BounceBit introduces the concept of Liquid Custody to keep collateral assets liquid and provide more opportunities to earn returns. When users deposit assets into BounceBit, they will receive a Liquid Custody Token (LCT), which represents their assets being custodied at a 1:1 ratio. These tokens can be bridged to BounceBit and used further.
1.4 Existing Products
Solution Design
Liquid pledge derivatives module
This infographic introduces BounceBits native Liquid Staking Derivative (LSD) module. Token holders can delegate their BBTC and BB to validators and receive LST (stBBTC, stBB) as vouchers. Nodes are selected as active validators based on voting weight, otherwise they are candidate validators. The maximum number of validators is determined by management.
Mobile hosting
This infographic illustrates the concept of Liquid Custody. Once a user deposits their assets, BounceBit issues them a Liquid Custody token. Funds are stored in an industry-standard custody solution. Users can choose to participate in Delta Neutral Funding Rate Arbitrage strategies through an OTC settlement solution (MirrorX by Ceffu).
2. Token Economic Model
2.1 Token Allocation
2.2 Token Issuance Schedule
Note: BB tokens will continue to unlock after March 2033.
3. Roadmap
Important Milestones
Future Roadmap
Q2 2024:
Premium Yield products continue
BounceBit mainnet launched
Ecosystem Construction
BounceClub Distribution
Q3 2024:
More CeDeFi Products
Options and structured products
Borrowing
Q4 2024:
BounceBit Restaking Platform
Q1 2025:
Shared Security Client (SSC) Ecosystem Construction
Commercial and business development plans
Ceffu : Centralized Custody OES Solutions
Mainnet Digital : Compliant institutional crypto asset custody
Antalpha : Bitmains asset management and operation platform
4. Community
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