Stani.eth: Aave is the fundamental basis for all DeFi, with each cycle multiplying growth.

Stani.eth: Aave is the fundamental basis for all DeFi, with each cycle multiplying growth.

Build on Bitcoin (BOB) has secured $21 million in funding to enhance native Bitcoin DeFi capabilities and launch a bridge and hybrid layer 2 infrastructure. This significant investment will enable BOB to achieve its goal of integrating Bitcoin with Ethereum’s DeFi ecosystem, offering users direct access to DeFi applications using their native BTC without the need for wrapping or custody.

The funding round, which attracted both existing and new investors, is crucial for BOB’s development. BOB aims to launch BTC-staked finality by the end of 2025, connecting to other smart contract chains. This hybrid chain model combines Bitcoin’s security with Ethereum’s versatility, allowing users to interact with DeFi applications directly using their native BTC.

BOB’s BitVM2 technology is a key innovation, enabling trust-minimized bridging without custody or wrapping. This technology allows users to enforce practical fraud proofs on Bitcoin, bringing it closer to Ethereum-style decentralized finance. By leveraging this technology, BOB aims to preserve Bitcoin’s security while enabling interaction with Ethereum-based DeFi protocols.

The recent funding success marks a significant milestone in the crypto space, with BOB poised to revolutionize the DeFi landscape by enabling native BTC usage. The project’s focus on bridging Bitcoin and Ethereum is set to enhance security and usability for all users. Investors like Castle Island are doubling down on their commitments, indicating strong confidence in BOB’s future.

As Aave continues to lead in the DeFi space with its impressive growth, users must remain vigilant against phishing scams. The recent milestone of $60 billion in net deposits has drawn scammers who are exploiting this achievement to target users through malicious ads. Users are advised to verify URLs before linking wallets to avoid phishing scams.

References:
[1] https://en.coinotag.com/build-on-bitcoin-secures-21-million-to-explore-native-btc-defi-and-hybrid-layer-2-solutions/
[2] https://en.coinotag.com/aave-users-warned-of-phishing-scams-promoted-through-google-ads-following-60-billion-milestone/