BounceBit is at the forefront of creating a Bitcoin restaking infrastructure. It's like a special layer added to Bitcoin, providing a secure place for various restaking products. The BounceBit chain itself is a Proof of Stake (PoS) Layer 1 blockchain, secured by validators who stake both Bitcoin and BounceBit's native token, $BB. This dual-token system combines the security of Bitcoin with full Ethereum Virtual Machine (EVM) compatibility. Critical components like bridges and oracles are fortified by restaked Bitcoin, ensuring a robust infrastructure.
### 💱 BBTC: Bitcoin with a BounceBit Twist
BBTC is your familiar Bitcoin with a BounceBit makeover. It's a 1:1 wrapped Bitcoin on the BounceBit network. By depositing Bitcoin to BounceBit, you receive an equivalent amount of BBTC, which can be restaked on the BounceBit chain to earn yields once the mainnet goes live.
### 🔄 How to Deposit into BounceBit with Binance Web3 Wallet
To infuse your Binance Web3 Wallet with BounceBit goodness, follow these steps:
1. Check Your Gas: Make sure you have enough BNB for the transaction fee.
2. Join the Party: Hit "Join now" through your Binance Web3 Wallet.
3. Select Your Network: Choose "BNB Chain" from the options.
4. Decide Your Deposit: Enter the BTCB amount you wish to deposit.
5. Approve to Move: The first transaction sets your spending limit with BounceBit.
6. Make the Deposit: The second transaction sends your BTCB into the BounceBit ecosystem.
### 🏦 Withdrawing from BounceBit via Binance Web3 Wallet
Ready to cash out? Here's how:
1. Unstake to Unlock: Begin by unstaking your BTCB on BounceBit.
2. Patience Pays: Endure the 18-day cooldown period, during which yields are paused.
3. Claim Your Coins: Post cooldown, claim your Bitcoin back.
4. Back to Base: Withdraw the amount you want into your Binance Web3 Wallet.#altcoins #CryptoWatchMay2024 #BlackRock #MicroStrategy #eth‬ $BTC $ETH $BNB