As the №.1 Bridge in BTC Eco, why does Owlto integrate with BOB Network?
Overview of Owlto’s Integration
Owlto Finance has successfully integrated with the BOB Network, marking a significant milestone in enhancing our multi-chain capabilities. This integration bridges the robust security and liquidity of Bitcoin with the innovative smart contract functionality of Ethereum. By supporting a variety of tokens and leveraging the strengths of both networks, Owlto Finance has broken new ground in creating a more seamless and versatile DeFi ecosystem.
Why Integrate BOB Network?
Technical Innovation and Ecosystem Strength
BOB (Build on Bitcoin) is a pioneering hybrid Layer-2 solution that combines the best of Bitcoin’s security and Ethereum’s flexibility.By combining the security, liquidity, userbase, and innovation of the two largest blockchain ecosystems, BOB closes the gap between Bitcoin as a vehicle for mass adoption and Ethereum as a hub for innovation
BOB’s Technical Architecture
- Merged Mining: BOB will be the first to implement OptiMine (Optimistic merged mining protocol). Under this mechanism, BOB will inherit security from Bitcoin miners, offsets the reliance on centralized sequencers, and retain fast block times.
- Rollup Technology: Initially, BOB has launched on the OP stack including the upcoming Zero-knowledge (ZK) improvements by RiscZero and can be rolled up to Ethereum & Other L2s for 1-click onboarding of users, assets and liquidity.
- EVM Compatibility: BOB’s integration with the Ethereum Virtual Machine (EVM) allows it to support smart contracts written in Solidity, the most popular programming language for Ethereum-based dApps. This compatibility enables developers to use familiar tools and deploy dApps on a Bitcoin-secured Layer-2 solution.
- Trustless Bridges: Through a native ETH L1/L2 bridge, BOB has access to market leader wBTC and tBTC v2. BOB will support advanced bridge models including opt-in collateralization (see iBTC). In the future, BOB aims to introduce a 2-way light-client BTC bridge powered by BitVM.
Strategic Partnerships and Fundraising
BOB is backed by significant industry players, including Castle Island Ventures, Coinbase Ventures, Mechanism Capital, CMS, and Bankless Ventures. This robust financial support underscores the confidence in BOB’s potential to revolutionize Bitcoin’s scalability and utility. The network’s initial funding round raised $10 million, highlighting the strong investor interest and commitment to its development.
User Base and Ecosystem
BOB has close to 100 partners live on mainnet from both Bitcoin & Ethereum ecosystems. BOB Fusion is the official points program of BOB, where users can harvest BOB Spice (points) based on their on-chain activity on the BOB mainnet. BOB Spice (points) represent your contribution to the BOB ecosystem — today and in the future. You can check it out here https://app.gobob.xyz/fusion
Benefits of Using Owlto
Owlto Finance x BOB
- Cross-Chain Compatibility: With BOB integration, Owlto Finance can now facilitate cross-chain transactions between Bitcoin and Ethereum seamlessly. This compatibility allows users to access and transfer assets across both networks, enhancing liquidity and utility.
- Enhanced Security: By leveraging BOB’s merged mining and Bitcoin’s proof-of-work (PoW) security, Owlto Finance ensures that transactions and smart contracts executed on our platform benefit from the highest security standards.
- Scalability and Efficiency: BOB’s rollup technology, including future upgrades to zero-knowledge (ZK) rollups, significantly enhances transaction throughput and reduces fees. This scalability is crucial for supporting a high volume of DeFi activities on Owlto Finance.
- Developer and User-Friendly: BOB’s EVM compatibility means developers can use familiar tools like Remix and Hardhat to build on the network. For users, popular wallets like Metamask and analytics platforms like Dune are supported, providing a smooth and integrated user experience.
BOB’s Future Roadmap
BOB’s future development is structured into multiple phases:
Phase 1 — Optimistic BOB
Initially, BOB has launched as an optimistic ETH rollup using the OP stack with a native L1/L2 bridge & Bitcoin Light client enabling cross chain verifications.
Phase 2 — Bitcoin POW security + ETH Optimistic Rollup
In phase 2, BOB will introduce Bitcoin PoW security to the ETH rollup, aligning with Bitcoin miners. This allows to minimize trust in sequencers, as miners validate the state of the BOB rollup and only include commitments as part of the PoW if state transitions are correct.
Phase 3 Bitcoin Optimistic Rollup + ETH ZK/Optimistic Rollup)
Phase 3, already under active research, will aim to introduce Bitcoin as a settlement layer to BOB. Specifically, BitVM showcased how fraud proofs can be encoded in Bitcoin script without requiring any Bitcoin forks.
BOB’s vision is to ensure that Bitcoin assets bridged to the rollup are secured by Bitcoin, whereas ETH assets are secured by Ethereum.
In summary, the integration with BOB Network positions Owlto Finance at the forefront of innovation in the DeFi space. By combining Bitcoin’s security with Ethereum’s functionality, we offer our users unparalleled access to a robust, scalable, and secure financial ecosystem.
About Owlto Finance
Owlto Finance is an intent-centric interoperability protocol, “Bridge the World with AI Agent”. Owlto provides seamless cross-chain bridging services, enabling users to transfer assets across 45+ various blockchains effortlessly within the BTC, ETH, and SOL ecosystems.
Since 2023, Owlto has emerged as one of the fastest-growing bridges, with nearly 2 million users in 200+ countries/regions. In the BTC ecosystem, it has been ranked as the №1 omnichain interoperability protocol with over 1.5M transactions. In the ETH ecosystem, it ranks TOP3 on DefiLlama based on 24hrs number of transactions. Due to its features of being “Safe, Fast, Low-priced and Easy-to-use”, it has been highly recommended by over 100 well-known partners like Linea, Base, BOB, BSquared, Binance Web3 Wallet, Trust Wallet, OKX Web3 Wallet, zkSync Era, Scroll, Starknet, Kroma, imToken, Bitget Wallet, Chainlink, iZUMi, etc.
Twitter:https://x.com/Owlto_Finance
Website:https://owlto.finance/
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