The recent launch of Build on Bitcoin (BOB) project marks a significant step in decentralized apps' interaction with the leading blockchain in the world. The BOB mainnet is now operational, boasting $300 million in total value locked and a selection of more than 40 dapps.

BOB is designed as a hybrid layer-2 network, blending Bitcoin's widespread adoption, liquidity, and proof-of-work security with Ethereum's DeFi functionalities. The aim is to provide users with smart contracts, wallets, and access to stablecoins while collaborating with BTC bridge providers to enhance the project's bridge infrastructure.

Although the end goal is Bitcoin DeFi, the BOB team recognizes the current limitations of the Bitcoin blockchain and is working on launching on Ethereum first to bootstrap the process. The project is focused on improving user experience for Ordinals, Runes, and BRC-20s, making BTC deployment into DeFi easily accessible for individuals using both Bitcoin and Ethereum.

Future plans for BOB include achieving Bitcoin proof of work through merged mining to enhance security while maintaining Bitcoin mining operations. The introduction of BitVM in the third phase will enable a secure BTC bridge with fraud proofs similar to Ethereum's bridges, ensuring safe BTC deposits verified by Bitcoin nodes.

In conclusion, BOB's innovative approach to merging the strengths of Bitcoin and Ethereum shows promise in revolutionizing the crypto landscape. With a pragmatic rollout strategy and plans for future developments, BOB aims to drive mass adoption and simplify BTC deployment into DeFi. The project has already garnered significant interest, with $300 million in total value locked and a diverse range of dapps available to users.