BOB Gateway Enables Bitcoin Transfers Across 11 Blockchains
The DeFi protocol Build on Bitcoin (BOB) has launched a new system called "BOB Gateway," allowing Bitcoin holders to transfer assets into decentralized trading apps with ease.
- "BOB Gateway" connects native Bitcoin to LayerZero's omnichain fungible token (OFT) version of wrapped BTC, issued by BitGo.
- The integration supports 11 blockchains, including Ethereum, Avalanche, and Base, enabling direct Bitcoin deposits in nearly 15,000 decentralized apps.
- Previously, connecting Bitcoin to these blockchains involved complex bridging processes, posing technical and security challenges.
- BOB Gateway simplifies the process, facilitating one-step transfers between native BTC and wBTC.OFT, enhancing accessibility for yield farming and looping trades.
- Yield farming and looping provide liquidity for lending, borrowing, and trading, allowing users to earn significant passive income. The inclusion of native BTC could increase DeFi liquidity and market maturity.
- Over $2.3 billion worth of wBTC.OFT has been bridged across 67,000 transfers on LayerZero. The gateway aims to introduce more liquidity into DeFi markets that use wrapped bitcoin as collateral or trading pairs.
- The rollout includes Ethereum, Avalanche, Base, Unichain, Soneium, Bera, Optimism, Sei, Sonic, and BOB, covering much of the current DeFi landscape.
Alexei Zamyatin, co-founder of BOB, noted the update makes wBTC.OFT instantly accessible across supported chains, while LayerZero’s Simon Baksys emphasized the added utility to Bitcoin.