3 hours ago
Decentralized concern (DeFi) protocol Build connected Bitcoin (more commonly known arsenic “BOB”) unveiled a strategy that lets bitcoin (BTC) holders determination their assets into decentralized trading apps with a azygous click, the companies said connected Tuesday.
"BOB Gateway" connects autochthonal Bitcoin to LayerZero’s “omnichain fungible token” (OFT) mentation of wrapped BTC, an plus issued by BitGo. The integration extends to 11 blockchains including Ethereum, Avalanche, Base and BNB, bringing entree to astir 15,000 decentralized apps that tin present enactment nonstop Bitcoin deposits.
Until now, astir of these blockchains lacked a straightforward mode to link to Bitcoin. Users often had to navigate analyzable bridging processes, which carried some method friction and information risks.
With BOB Gateway, they tin determination betwixt autochthonal BTC and wBTC.OFT successful 1 step, a alteration that could marque strategies specified arsenic output farming oregon looping trades much accessible to retail and organization investors alike.
Yield farming and looping proviso liquidity to DeFi platforms, acting arsenic the instauration for lending, borrowing, and trading. This process allows users to gain important passive income. Making these trades easier with autochthonal BTC - the largest and astir trusted asset - would mobilize a monolithic excavation of capital, expanding DeFi's liquidity, security, and wide marketplace maturity.
More than $2.3 cardinal worthy of wBTC.OFT has already been bridged crossed 67,000 transfers connected LayerZero, the companies said. By enabling nonstop inflows from autochthonal BTC, the gateway could bring caller liquidity into DeFi markets that trust connected wrapped Bitcoin arsenic collateral oregon trading pairs.
Alexei Zamyatin, co-founder of BOB, said the update “makes wBTC.OFT instantly accessible” crossed supported chains, portion LayerZero’s Simon Baksys described the determination arsenic adding inferior to “one of the astir trusted assets successful crypto.”
The rollout includes Ethereum, Avalanche, Base, BNB, Unichain, Soneium, Bera, Optimism, Sei, Sonic and BOB itself, covering overmuch of the existent DeFi landscape.
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