Layer-2 scalability solution, Build on Bitcoin (BOB), has officially debuted on the mainnet following the recent halving event. This launch signifies a significant stride in Bitcoin's L2 innovation, aiming to usher in DeFi capabilities on the Bitcoin network.

The introduction of Build on Bitcoin marks a pivotal moment in the convergence of Bitcoin into the realm of Decentralized Finance (DeFi), backed by prominent Bitcoin-focused venture capital firms such as UTXO, ViaBTC, AntAlpha, and CMS Holdings. BOB, as a hybrid Layer-2 solution, amalgamates the strengths of Bitcoin (BTC) and Ethereum (ETH).

By harnessing Bitcoin's robust security and decentralization alongside Ethereum's flexibility, BOB creates a cross-chain environment that bolsters security, liquidity, and user engagement within the cryptocurrency space. This integration not only enhances the overall user experience but also equips developers with the tools to innovate and deploy dapps efficiently without compromising on security or scalability.

Alexei Zamyatin, co-Founder of BOB, envisions these features as empowering developers to create innovative dapps seamlessly while tapping into the vast liquidity and user bases available in the industry. The phased launch of BOB has commenced, with over 40 projects already live on the platform, and an additional 40+ decentralized applications (dApps) and infrastructure projects set to go live in the coming weeks.

In the initial phase, Build on Bitcoin has garnered significant momentum and adoption, with a Total Value Locked (TVL) exceeding $300 million, comprising various digital assets like Bitcoin, Ethereum, and stablecoins. Notable investors such as Castle Island Ventures, Coinbase Ventures, Mechanism Ventures, and Bankless Ventures have contributed to BOB's growth through recent funding rounds.

As part of Phase 1, BOB has initiated the FUSION program, enabling users to lock multiple tokens to earn Spice points, showcasing their active participation in the BOB ecosystem. Looking ahead, the platform is gearing up to launch the second season of the Fusion program, while future phases will see the integration of Bitcoin's Proof-of-Work (PoW) security and cross-chain transactions settling on both Bitcoin and Ethereum, leveraging BitVM for enhanced security measures.