Layer-2 Network BOB Launches Testnet Ahead of Q4 Mainnet
The layer-2 network BOB has launched its testnet, with the mainnet expected to go live in Q4 2023. BOB aims to integrate Bitcoin's security and reserves with Ethereum's programmability using the BitVM computing paradigm to establish a decentralized finance (DeFi) hub.
- BitVM enables rollups on Bitcoin for faster and cheaper transactions without compromising security.
- BOB's bridge facilitates BTC transfers to its rollup and back for withdrawal.
- BOB uses actual BTC, not wrapped versions, for DeFi services, ensuring it remains native BTC.
- The testnet is supported by major crypto firms operating nodes on the BitVM bridge, including P2P.org, Lombard, Solv Protocol, RockawayX, and Amber Group.
Co-founder Alexei Zamyatin emphasized the distinction between BOB's native BTC and wrapped versions of the asset.