What is BB?
Introduction to BB
BounceBit (BB) is a blockchain-based cryptocurrency token specifically designed for Bitcoin (BTC) restaking and smart contract execution. BB aims to build a BTC restaking infrastructure to provide a foundational layer for various restaking products. This infrastructure is secured by regulated custody from Mainnet Digital and Ceffu.
What is the BounceBit Chain
The BounceBit chain is a Bitcoin staking chain based on the PoS mechanism, aiming to create a robust smart contract execution environment for Bitcoin. It is not a Layer 2 solution but a Layer 1 chain that enhances Bitcoin's functionality and scalability through the PoS mechanism.
The BounceBit chain, as a demonstration of the restaking products within the BounceBit ecosystem, is secured by validators staking both BTC and BounceBit's native token. This dual-token system leverages the security of native Bitcoin and is fully EVM compatible. Critical ecosystem infrastructure such as bridges and oracles is secured by restaked BTC. Through an innovative CeFi + DeFi framework, BounceBit enables BTC holders to earn yields across multiple networks. BounceBit is the first native BTC restaking chain, with network security ensured by staking both Bitcoin and BounceBit tokens. It introduces a unique dual-token staking system, combining native Bitcoin security with full EVM compatibility. BounceBit's hybrid DeFi and CeFi yield mechanism allows BTC holders to earn yields through native validator staking, the DeFi ecosystem, and a CeFi mirroring mechanism supported by Ceffu and Mainnet Digital. This groundbreaking move brings new earning opportunities and higher network security for Bitcoin holders.
Uses of the BTC Restaking Chain
Enhanced Yield for Bitcoin Holders
Currently, BTC, WBTC, and BTCB holders have limited opportunities to earn yield on-chain, resulting in very low capital utilization in existing DeFi systems. BounceBit innovatively introduces the BTC mirror mechanism, allowing Bitcoin holders to earn income on-chain through PoS and DeFi, and off-chain through CeFi.
Bridge Between DeFi and CeFi
There are numerous arbitrage BTC trading strategies in the current CeFi system. BounceBit aims to ensure that funds can be directly verified on-chain while engaging in CeFi arbitrage by introducing the On-Chain Mirror mechanism. This mechanism will be supported by the Mirror systems of Ceffu and Mainnet, providing safe and reliable verification.
EVM Compatibility Secured by Bitcoin
As the most decentralized asset in the current crypto industry, Bitcoin lacks opportunities for true utilization on existing public chains. BounceBit's consensus layer will introduce the Mixed PoS Mechanism, enabling the utilization of Bitcoin to ensure network security and diversification. Simultaneously, BounceBit's execution layer will achieve EVM compatibility to accelerate the migration of existing DeFi liquidity to the Bitcoin ecosystem.
BounceBit Dual-Staking System Operational Process
Users first need to deposit BTC and BounceBit (BB) tokens into the BounceBit network. These assets are managed by experienced asset management entities to ensure their security.
On the BounceBit platform, users select the BTC and BB tokens they want to stake. By staking, users can earn rewards corresponding to their staked amount. This dual-staking system not only increases asset utilization but also provides users with additional earning opportunities.
Technical Implementation and PoS Mechanism of BounceBit (BB) Token
Dual-Token Staking System
BounceBit introduces a dual-token staking system, including Bitcoin (BTC) and BounceBit's native token. This system not only enhances network security but also decentralizes power, increasing the network's resistance to censorship and promoting decentralization. In this system, nodes can ensure the chain's security by staking both tokens. For example, after staking BTC and BB tokens, users can become network validators and earn corresponding staking rewards.
Hybrid PoS Mechanism
BounceBit introduces a hybrid PoS mechanism at the consensus layer, combining the staking of Bitcoin and BounceBit's native token to ensure network security. Specifically, this mechanism allows 25 staking validators to be selected from each of the two token categories. BTC or BounceBit token holders can delegate their assets to these validators, earning staking rewards while maintaining network security and stability.
EVM Compatibility
BounceBit's execution layer achieves EVM (Ethereum Virtual Machine) compatibility, accelerating the migration of existing DeFi liquidity into the Bitcoin ecosystem. This compatibility enhances BounceBit's functionality and promotes cross-chain technology. With EVM compatibility, BounceBit can connect multiple different blockchain networks, allowing assets to move freely between chains, providing users with more application scenarios and liquidity options.
Parallel Layer 1 PoS Chain to BTC
BounceBit has built a parallel Layer 1 PoS chain to BTC, focusing on the circulation and profitability of assets. Unlike the technical limitations of the BTC mainnet and the bottlenecks in the development of BTC Layer 2, this chain provides broader application scenarios and earning opportunities. For example, through this design, BounceBit can offer more application scenarios for native BTC assets, such as staking and lending in DeFi protocols, providing more earning opportunities for holders.
Official Links of BB
Website: https://bouncebit.io/
Twitter: https://twitter.com/bounce_bit
Discord: https://discord.gg/bouncebit
Steps to Buy BB on LBank
Purchasing BB tokens on the cryptocurrency exchange platform LBank is straightforward. Here's a step-by-step guide:
1. Log into your account: Ensure you're registered and logged into your LBank account, then click the "Trade" option in the top menu bar to start the trading process.
2. Search for BB: Use the search function within the trading platform to find "BB", locate the trading pair, such as BB/USDT, and click to enter its dedicated page.
3. Place an order: In the BB/USDT trading page's spot trading area, enter the amount of BB you wish to buy. If you want to complete the purchase immediately at the current market price, select a market order and then click the "Buy" button.
4. Confirm the order: A confirmation window will pop up. After verifying the order details are correct, confirm to place your order. Once the transaction is successful, the purchased BB will automatically be deposited into your LBank spot wallet.