Written by: Shenchao TechFlow
Various ecological applications surrounding Bitcoin are emerging in endlessly, but how should Bitcoin itself generate revenue?
For example, if you have idle BTC, how do you maximize your earnings?
While people's interest in BTC surges, it also brings new demand for BTC. BounceBit is here to solve the problem of BTC's lack of passive income---the first native BTC pledge chain that allows users to pledge idle BTC. , while earning income.
On a project background, BounceBit is also backed by Binance Custody (CEFFU), OKX Venture, Breyer Capital, and Mainnet Digital.
What is BounceBit?
As the most decentralized asset in the current crypto industry, BTC lacks real utilization opportunities on existing public chains. BounceBit chose to introduce a hybrid PoS mechanism at the consensus layer and introduced a dual-token pledge model (Bitcoin and BounceBit’s native token) to ensure network security. At the same time, BounceBit’s execution layer will implement EVM compatibility to accelerate the migration of existing DeFi liquidity to the Bitcoin ecosystem.
In addition, BounceBit has also introduced an innovative BTC mirroring mechanism, allowing Bitcoin holders to earn income through PoS and DeFi on the chain and CeFi off the chain.
Here’s how it works:
Users first deposit BTC into Binance, then withdraw BTCB to the BNB chain, and deposit BTCB into Ceffu (Binance custody) through the bouncebit website. Users depositing more than 1 BTC also have the option to manage their assets by choosing a trading team that executes delta-neutral arbitrage strategies. Additionally, users will receive BTCB LSD, also known as BounceBTC, which can be staked to validator nodes alongside BounceBit tokens to earn BTC.
A common question is where the income from staking BTC comes from. BounceBit’s official documentation gives the answer:
CeFi rewards offered through Mainnet Digital and CEFFU’s regulated custody and various asset management services;
Node operating rewards provided through staking and PoS mining;
DeFi income from BounceBit ecological applications.
Currently, users can deposit through two networks: Ethereum and BNB chain. On the Ethereum network, supported tokens include WBTC, Auction, Mubi, and DAII. BNB Chain only supports BTCB tokens. All deposited funds will be available for withdrawal in May 2024 when the BounceBit mainnet goes online.
BounceBit Tokens and Airdrops
As mentioned earlier, BounceBit will launch a native token that will work with validators who stake BTC to jointly protect BounceBit and earn revenue. Not only that, BounceBit also mentioned that native token holders will also receive additional benefits through income distribution and governance. Airdrops are one of the early ways for people to obtain BounceBit tokens. In addition to $Auction, early holders can get the initial airdrop. In order to reward early participants, BounceBit has launched a points activity: Point Paradise
Users can earn points on BounceBit in the following ways, depending on:
The amount of deposited assets supports WBTC, Auction, Mubi, DAII and BTCB.
Invite friends to join: Invite and the amount deposited by the invitee.
Within each 24-hour time period, you and your inviters reach the officially designated deposit milestone (0.1 BTC) to receive a chance to draw Boost Cards and Swift Cards. Boost cards can help users earn more points at the end of each time period, while Swift cards shorten the time period, allowing participants to quickly enter the next round and earn points faster.
BounceBit Roadmap
Early Access (Now): Stake $BTCB, $WBTC, $AUCTION, $MUBI, $DAII and earn points;
Mainnet launch (April 23);
Airdrop (May): BounceBit points can be redeemed for BounceBit tokens, and the assets can be withdrawn.
Official website | Official Twitter
