BOB is a new type of Bitcoin-secured blockchain: a Hybrid L2. Hybrid L2s inherit security from Bitcoin, as the most secure and decentralized network.
With BOB’s Hybrid L2 design we strive to completely change the way BTC is used in finance.
- Today: deposit BTC into centralized exchanges or wrap to a dozen of other chains via multisig bridges.
- The Hybrid future: Everyone deposits assets into a BTC-secured platform that has access to native BTC liquidity… because everyone is OK to trust Bitcoin.
Bitcoin Security
Security is key to unlock Bitcoin liquidity in DeFi. The BOB Hybrid L2 in its final form will inherit Bitcoin security and support trust-minimized BTC deposits and withdrawals. While native ZK verification on Bitcoin requires a fork, BitVM allows us to create optimistic rollups and bridges with the tools we have today. Unlike multisig bridges and federated sidechains (t-of-n = honest majority), BitVM remains secure even with just a single honest node (1-of-n). For more details, see the BitVM2 paper co-authored by researchers from ZeroSync, BOB, TU Vienna and others.
Ethereum Liquidity
Network effects, liquidity, and accessibility are key to a successful DeFi ecosystem. This Ethereum’s super power.To harness the best of both worlds, BOB will run a trust-minimized Ethereum bridge, providing ETH users with a seamless DeFi experience. This "Hybrid" bridge functions like ETH L2 optimistic bridges but is uniquely powered by Bitcoin finality. An ETH L2 bridge waits for L2 finality on Ethereum. The Hybrid bridge instead checks for Bitcoin finality. In simple terms: ETH and ERC-20s deposited to BOB are secured by Bitcoin.
Chainlink is the industry-standard oracle platform bringing the capital markets onchain and powering the majority of decentralized finance (DeFi). The Chainlink stack provides the essential data, interoperability, compiance, and pirvacy standards needed to power advanced blockchain use cases for institutional tokenized assets, lending, payments, stablecoins, and more. Since inventing decentralized oracle networks, Chainlink has enabled tens of trillions in transaction value and now secures the vast majority of DeFi.
Many of the world's largest financial services institutions have also adopted Chainlink's standards and infrastructure, including Swift, Euroclear, Mastercard, Fidelity International, UBS, ANZ, and top protocols such as Aave, GMX, Lido, and many others. Chainlink leverages a novel fee model where offchain and onchain revenue from enterprise adoption is converted to LINK tokens and stored in a strategic Chainlink Reserve.
Learn more about Chainlink by visiting chain.link or reading the developer documentation at docs.chain.link
The Chainlink Labs Channel Partner strategy is intended to outline a joint approach between Chainlink Labs and select accelerators, launchpads, incubators, devshops, and software tools to promote the user adoption and growth of the web3 ecosystem. Chainlink Labs and the channel partners will collaborate to accelerate and nurture the web3 ecosystem in key areas including gameFi, NFTs, developers, and startups.
Chainlink Labs is the leading provider of secure and reliable open-source blockchain oracle solutions, enhancing smart contracts by connecting them to a wide range of off-chain data sources and computations, such as asset prices, web APIs, IoT devices, payment systems, and more. We are dedicated to the development and integration of Chainlink as the standard decentralized oracle framework used by smart contracts across any blockchain.
