What is BounceBit?

1. What is BounceBit?

Bouncebit is a re-staking betting platform project on the Bitcoin network. This platform is secured by regulatory oversight from Mainnet Digital and Ceffu. Its goal is to create a robust smart contract execution environment for Bitcoin.

Some features of BounceBit include:

EVM Compatibility: BounceBit is capable of compatibility with the Ethereum Virtual Machine (EVM) environment, ensuring flexibility and connectivity with the Ethereum community and EVM-dependent applications.
Security and compatibility with native BTC: BounceBit utilizes a Layer 1 PoS chain secured by staking validators supporting both BTC and BounceBit's native tokens. This ensures security and compatibility with native Bitcoin, instilling trust and participation from the Bitcoin user community.
Diversification of BTC use cases: BounceBit identifies and integrates assets like BTCB on the BNB chain and WBTC on Ethereum. This diversifies BTC use cases, expands application scope, and creates numerous opportunities for users to utilize and leverage BTC assets.
Expanding ecosystem participation and enriching all BTC asset types: BounceBit facilitates ecosystem participation and development by enabling users to engage with assets such as BTCB and WBTC. This broadens and enriches all Bitcoin-related asset types, offering flexibility and diverse choices for users.

2. The operational mechanism of BounceBit

BounceBit facilitates smooth conversion of native BTC into more flexible forms such as BTCB on the BNB chain and Wrapped Bitcoin (WBTC). It also enables BTC holders to participate in DeFi protocols. Users have the option to deposit their BTC into a secure custodial service accessible via the EVM network, thereby allowing these assets to be bridged onto the BounceBit platform. The process unfolds as follows:

Users deposit BTC into Binance and withdraw to the BNB Chain, automatically converted into BTCB.
Send BTCB through BounceBit's official link.
BTCB will be transferred to Mainnet Digital for custody, and users receive rewards in BTCB and LSD tokens.
Users can use LSD tokens to participate in asset management services.
Optionally link LSD tokens to the BounceBit chain to engage in other activities within the ecosystem.
Users can also stake LSD tokens to validate nodes.

The Bitcoin network lacks smart contracts and limits the development of DeFi ecosystems like other blockchains. BounceBit aims to address this issue for BTC holders. BounceBit aims to build a decentralized verification network through a PoS mechanism, allowing BTC holders to profit from various activities. BounceBit introduces three types of benefits for users:

Onchain Ecosystem DeFi Yield: Users can participate in DeFi activities within the BounceBit ecosystem, such as providing liquidity, yield farming, and participating in new projects or governance. This enables users to earn yields from transaction fees, governance tokens, and other incentives.
Infrastructure Yield: Users are incentivized to stake Bitcoin and BounceBit tokens to enhance the security and stability of the network. This process allows users to earn yields from transaction fees and new token issuance through Proof of Stake.
Onchain CeFi Yield: Users can exploit CeFi opportunities within the BounceBit ecosystem by participating in asset management strategies and leveraging the difference between future and current market values. Additionally, users can lend and borrow assets with overcollateralization, providing attractive and reliable yields.

*Three benefits Bouncebit brings to Bitcoin users*

3. BounceBit's team

Updating.

4. BounceBit Partners and Investors

BounceBit has successfully raised $6 million from a seed round led by Blockchain Capital, Breyer Capital, and other investment funds. In March 2024, the project also secured funding from OKX Ventures in a Strategic round, although the exact amount of investment was not disclosed.

5. Tokenomic

BB is the native token of the BounceBit platform.

5.1. Token information

Ticker: BB
Total Supply: 2,100,000,000 BB

5.2. The utility of tokens

The BB token can be used in various scenarios such as:

Staking BB to participate in the Dual-token staking PoS mechanism.
Staking rewards for network security validators.
BB serves as the gas fee required to execute transactions and smart contracts.
BB can be used as flexible currency and liquidity on the BounceBit platform.
BB can be utilized in different applications and infrastructures, acting as a means of exchange or value storage. Additionally, BB has functionalities enabling composability, interaction, and cross-chain compatibility.

5.3. Token allocation

The allocation of BB tokens is as follows:

Incentive rewards for Total Value Locked (TVL) and Testnet: 4%
Investors: 21%
Project team: 10%
Advisors: 5%
Binance Megadrop: 8%
Market Making: 3%
Ecosystem reserves and BounceClub: 14%
Delegation program and staking rewards: 35%

5.4. The token distribution schedule

The token incentives for Testnet and TVL will be fully unlocked at the time of Token Generation Event (TGE).
The tokens allocated for investors will be locked for 12 months from TGE, after which 5% will be unlocked monthly.
Tokens allocated for the project team will be locked for 12 months from TGE, after which 2.5% will be unlocked monthly.
Tokens allocated for advisors will be locked for 12 months from TGE, after which 2.5% will be unlocked monthly.
Tokens for Binance Megadrop will be fully unlocked at TGE.
Tokens for Market Making will be fully unlocked at TGE.
Tokens allocated for ecosystem reserves and BounceClub will be 4.5% unlocked at TGE, locked for 12 months, and then 5% will be unlocked monthly.
Tokens as staking rewards and in the Delegation program will be fully unlocked after 10 years.

5.5. Lquid Staking Token (stBBTC và stBB)

If you stake BTC or BB, you will receive Liquid Staking Tokens (LST). LST can be understood as a proof that you are delegating your assets to a validator.

Currently, there are 2 types of LST that users can obtain:

stBB, LSD of BB: Token Address: 0x22aAC17E571D6651880d057e310703fF4C7c3483
stBBTC, LSD of BBTC: Token Address: 0x7F150c293c97172C75983BD8ac084c187107eA19

LST can be redeemed at any time on bbscan.io by unstaking.

5.6. Bitcoin on BounceBit (BBTC)

The token address (BSC, ETH, BB) is: 0xF5e11df1ebCf78b6b6D26E04FF19cD786a1e81dC

BTC tokens from the Bitcoin Chain and various EVM-compatible chains can be connected to the BounceBit ecosystem. Most notably, BTCB on Binance Smart Chain (BEP20) and WBTC on Ethereum are supported. BounceBit aims to support all types of BTC assets.

After being transferred, these tokens are mapped and represented uniformly as BBTC within BounceBit, ensuring consistency and ease of use on the platform. Cross-chain BTC transfers are handled by the BTC Bridge, an infrastructure verified by restaking BTC.

Role of BBTC

Bitcoin serves as an additional ecosystem token for BounceBit, playing a role in bootstrapping the BounceBit network. Its low volatility, deep liquidity, and high accessibility make it suitable to act as a foundational asset securing the EVM network.

BBTC is Bitcoin on the BounceBit chain, essentially a wrapped version of Bitcoin, with enhanced functionalities allowing BTC to be used beyond its role as a store of value. BounceBit unlocks staking and restaking for Bitcoin.

BounceBit supports liquid staking for BBTC. BBTC owners can stake their funds with node operators and receive LSD for their contributions. This LSD can be restaked into infrastructures like the BTC Bridge, oracles, existing data layers, etc.

5.7. Stablecoin on BounceBit (BBUSD)

The token address (BSC, ETH, BB) is: 0x77776b40C3d75cb07ce54dEA4b2Fd1D07F865222

Stablecoins from various EVM-compatible chains can be connected to the BounceBit ecosystem. Most notably, FDUSD on Binance Smart Chain (BEP20) and USDT on Ethereum are supported. BounceBit aims to support all stablecoins. After being transferred, these tokens are displayed uniformly as BBUSD within BounceBit, ensuring consistency and ease of use on the platform. The transfer of stablecoins across chains is processed through a bridge.

Role of BBUSD:

BBUSD serves as an additional ecosystem token for BounceBit, acting as a liquid and flexible currency on the BounceBit platform.

BBUSD can be used in various applications and infrastructures, serving as a means of exchange or value storage. BBUSD is the Wrapped Token of FDUSD & USDT on the BounceBit chain, essentially a wrapped version of those stablecoins.

6. Road map

BounceBit is currently in the testnet phase and is scheduled to launch its mainnet in April.

7. Media channel

Website: https://bouncebit.io/
Twitter: https://twitter.com/bounce_bit

8. Conclusion

BounceBit is a project that earns profit for users who own Bitcoin. Currently, the project has not launched its token yet, and users can participate in the testnet to have the chance to receive an airdrop from the project.

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