BounceBit (BB)

• BounceBit is a BTC restaking chain with an innovative CeDefi framework. Through a CeFi + DeFi framework, BounceBit empowers BTC holders to earn yield across multiple sources.

• The $BB token has several uses on the BounceBit platform:

  • Staking: Stake $BB to actively participate in the PoS dual-token staking mechanism.

  • Protocol Incentive: The token is paid out as staking reward to validators who secure the network.

  • Gas: $BB is the denomination of the gas fees that are required to conduct transactions and execute smart contracts.

  • Governance: Use $BB to participate in on-chain governance, e.g. voting on protocol upgrades.

  • Currency: $BB can be used as currency on the BounceBit platform. It can be used in various applications and infrastructure, as medium of exchange or store of value.

• BounceBit’s Layer 1 consists of the following components:

  • Dual-token PoS: A hybrid consensus mechanism where each validator can accept both $BBTC and $BB tokens;

  • Native LSD module: A module allowing the delegation of staking to validators and receiving a LST voucher in return.

• BounceBit has a foundational CeFi layer which consists of below components:

  • Regulated Custody: All user funds are stored in secure custody solutions utilizing MPC wallets.

  • Off-Exchange Settlement (OES): OES enables safe access to CEX liquidity, while transactions are settled off-exchange.

• The project has raised 7.98M USD from its past fundraising event. 

• The total supply of $BB is 2,100,000,000 and the circulating supply upon listing will be 409,500,000 (19.50% of the total token supply).

Key metrics (as at April 18th 2024)

1. What is BounceBit?

• BounceBit is a BTC restaking chain with an innovative CeDefi framework, transforming BTC from a passive asset into a dynamic force within the ecosystem by active participation in network validation and a variety of yield generating activities including CeFi, DeFi, and restaking. 

1.1 Project mission

• The project’s mission is to democratize access to high-yield opportunities within the Bitcoin asset class, traditionally reserved for quant and top asset management firms. BounceBit aims to bring combined benefits of transparent CeFi and DeFi to the masses.

1.2 Value Proposition 

• BounceBit's approach is based on the idea that boosting Bitcoin should mainly involve using assets without altering the Bitcoin blockchain. By bring access to funding rate arbitrage and creating on-chain certificates for re-staking and mining, BounceBit effectively combines the strengths of centralized finance (CeFi) and decentralized finance (DeFi). This integration opens up opportunities for Bitcoin, enabling better yield generation and broader applications.

1.3 Project Key Highlights 

• BTC Restaking: BounceBit is building the BTC restaking infrastructure where the fund is secured through the regulated custodial services of Ceffu, Mainnet Digital and Fireblocks. While assets generate interest through arbitrage strategies managed by experienced asset management entities, users are issued a pegged version of BTC called bounceBTC (BBTC), which can be delegated to node operators that return a voucher to the staker, stBTC. This liquid staking derivative can then be restaked to other shared security clients (SSCs) like sidechains, bridges and oracles.

• Dual-Token PoS: Dual-Token PoS is a hybrid consensus mechanism where each validator can accept both BBTC and or BB coins. This system broadens the stakeholder base and weaves an additional layer of resilience and security into the network’s consensus fabric.

• BounceClub: BounceClub serves as On-Chain Space for users to create DeFi experiences without code using pre-built widgets for easy integration available from the App Store.

• Liquid Custody: BounceBit introduces the concept of Liquid Custody, enabling staked assets to stay liquid & providing more accessible yield-generating opportunities. When users deposit their assets on BounceBit, they will receive a Liquid Custody Token (LCT), which represents their assets in regulated custody on a 1:1 basis. These tokens can be bridged to BounceBit and be further utilized.

1.4 Existing Products

Solution Design

Liquid Staking Derivative (LSD) module

This infographic describes the native Liquid Staking Derivatives (LSD) module of BounceBit. Token Holders can delegate their BBTC and or BB to validators and receive an LST (stBBTC, stBB)  as voucher. A node is chosen as an active validator based on voting weight, otherwise it is a candidate. The maximum number of validators is determined by governance.

Liquid Custody

This infographic illustrates the concept of Liquid Custody. After the user deposits their assets, they are issued a Liquid Custody Token by BounceBit. The funds are stored in industry standard custody solutions. Optionally, users can participate in delta-neutral Funding Rate Arbitrage strategies via off-exchange settlement solutions (Ceffu’s MirrorX).

2. Token sales and economics

2.1 Token Distribution

BB token allocation

BB token release schedule

Note: BB token will continue to unlock after March 2033.

3. Roadmap and Updates

Completed Milestones

Current Roadmap

• Q2 2024: 

  • Premium Yield Program (Ongoing)

  • BounceBit Chain Mainnet Launch

    • Ecosystem Building 

    • Distribution of BounceClubs

• Q3 2024: 

  • More CeDeFi Product

    • Options and Structured products

    • Lending and Borrowing

• Q4 2024:

  • BounceBit Restaking Platform

• Q1 2025:

  • Shared Security Clients (SSCs) Ecosystem Building

Commercial and Business Development Progress

• Ceffu: Centralized Custody & OES solutions

• Mainnet Digital: Compliant institutional crypto asset custody

• Antalpha: Bitmain asset management operation platform

4. Community

• Twitter 

• Medium

• Telegram

• Discord

5. Appendix

• Blockchain Explorer - BBScan