Hybrid L2 BoB is trying to help more DeFi projects build on Bitcoin

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Bringing the DeFi playbook to Bitcoin

As the Bitcoin blockchain continues to see advancements from DeFi players and builders alike, it’s in a prime time for developers and startups alike to get ahead, according to Alexei Zamyatin, cofounder of Build on Bitcoin (BoB).

“If you win on Bitcoin the difference is you win the entire market and you can get bigger than any other DeFi project out there today,” Zamyatin said. “And you have the chance to expand beyond this bubble of DeFi on Ethereum and Solana.”

(Listen to the episode on Spotify, Apple or YouTube)

BoB is a hybrid layer-2 blockchain built on the OP Stack and powered by Bitcoin and Ethereum ecosystems. The chain launch its mainnet earlier this year and currently has about $100 million in total assets onchain, according to L2Beat data. Its total value locked is up 66% on the month at $54 million, DeFiLlama data shows.

Zamyatin hopes that in the next 6-12 months “new things that start emerging on Bitcoin [first],” opposed to Ethereum. Projects should build on Bitcoin first because it’s a huge market and “not as crowded,” he added.

But the general user experience and interfaces on Bitcoin today are behind, yet “moving fast” to catch up with other ecosystems. BoB’s mission is to take existing and untapped innovations across crypto and make them possible on Bitcoin, Zamyatin said.

“[Bitcoin’s ecosystem] is still in its infancy, it’s in very early stages but it’s developing at lighting speed,” Zamyatin said. “There’s a playbook for it. We’re taking Bitcoin and plugging it into existing ideas.”

Check out the next section for more details and the full episode.

The latest Talking Tokens podcast 🎙️

For this week’s Tuesday episode, I sat down with Alexei Zamyatin, cofounder of Build on Bitcoin (BOB).

We talk about hybrid layer-2 blockchains, BoB being built on the OP Stack, what role the chain wants to play in merging Ethereum and Bitcoin ecosystems, the current state of DeFi on Bitcoin and more.

Talking Tokens episodes are released on Spotify and Apple Podcasts at 6AM EST or YouTube at 10AM EST every Tuesday and Thursday. Listen in!

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Monitoring blockchains

Looking at some of the biggest developments onchain.

• Again, Ethereum is the most popular blockchain for whitehat hackers in 2024, followed by Polygon, Arbitrum, Optimism and Solana, Immunefi’s latest report stated

• Anduro, a layer-2 network incubated by bitcoin mining firm Marathon, launches a tokenization platform focused on RWAs. — and whiskey to start

• Ethereum proposal EIP-7781 could increase the chain’s throughput by 50%

Taking on the tokens 

The total crypto market cap decreased 1.8% in the past 24-hours to $2.16 trillion. It is down 3.6% over a 7-day period.

As for the largest cryptocurrencies by market cap…

These metrics were taken prior to publication Tuesday morning EST.

Money and people moves

Latest updates on crypto startups that secured funding and industry players who are starting something new or are on the go.

1. Robinhood Chief Legal Officer Dan Gallagher could soon be running the SEC, according a report by Politico

2. Crypto Firm FalconX Hunts for Acquisitions After Record Quarter (Bloomberg)

3. Crypto Custody Firm Copper’s CEO Dmitry Tokarev Plans to Step Down (CoinDesk)

   1. Speaking of CoinDesk, Tom Carreras joined the media org as a markets reporter

4. Emma Joelle joins Story Protocol to lead its creator marketing

5. Crypto companies raised $823M in September (Blockworks)

Talking points for the road 

Here’s some headlines and topics that you can talk about at your next dinner party, crypto event or on a first date to look smart (results may vary.) 

1. Experts weigh in on what a Trump or Harris presidency could mean for the crypto industry (The Block)

2. Bitcoin should be going to the moon. So why is it still on the launch pad? (DL News)

3. Europe is not a top priority for Sam Altman’s Worldcoin, exec says (Cointelegraph)

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Please note that this content is for informational and entertainment purposes only. Any views shared should not be considered financial advice, nor should it be used to make investment decisions. Cryptocurrencies are high risk and you should consult a financial professional before making any financial decisions. Make sure you do your own research. We may have a direct or indirect financial interest in content mentioned in this newsletter.