On March 2, the hybrid Layer 2 project BOB (Build on Bitcoin) announced the official launch of the BitVM bridge on the public testnet, marking an important milestone in the development of trust-minimized BTC DeFi. Last December, BOB and Bitcoin ecosystem protocol Fiamma successfully tested the first Bitcoin bridge prototype driven by BitVM.
In addition, BOB also announced the establishment of a BitVM Accelerator Execution Working Group with mainstream organizations such as ZeroSync, Babylon, Anchorage, and Rockaway to promote the practice and implementation of BitVM.
The launch of the BitVM bridge successfully consolidates BOB’s position as the “home” of BTC DeFi, providing a safest and trust-minimized way for BTC DeFi and Bitcoin interest-bearing businesses. BOB’s Bitcoin bridge is powered by the BitVM protocol, a revolutionary system that can execute complex off-chain procedures on Bitcoin and resolve on-chain disputes, similar to Optimism on Ethereum.
BOBs BitVM bridge allows secure BTC deposits and withdrawals on its hybrid Layer 2 without relying on third-party custodians or multi-signature bridges, ensuring that users can safely deposit and withdraw BTC when there is at least one honest node in the network capable of performing on-chain disputes. Unlike wBTC, cbBTC, and other wrapped Bitcoins, Bitcoin bridged via BitVM is non-custodial and trust-minimized.
Alexei Zamyatin, co-founder of BOB and core contributor of BitVM, said: Completely eliminating the need for third-party cross-chain bridges in BTC DeFi applications is an important step in unlocking Bitcoins trillion-dollar potential in the DeFi market. On the road to creating the most secure solution for Bitcoin in DeFi, we have completed the process from concept to BitVM 2 design, to BitVM bridge prototype, and now to the public testnet in just one year. Bitcoins renaissance is accelerating.
Key improvements of BitVM Bridge
Compared to the BitVM bridge prototype tested last December, the BitVM bridge on the BOB public testnet has made the following key improvements, including:
On-chain dispute resolution: The BitVM bridge now features a challenge mechanism to ensure that all transactions were completed correctly, significantly improving the security and trust of the system.
BOB’s BitVM smart contract can now verify the correct payment via the on-chain relay, double-check it in the prover, and check the correctness of the BOB block and blockchain proof.
Integrating BitVM into the BOB Gateway, BOB’s intent-based exchange system will allow efficient deposits of Bitcoin into BOB and withdrawals of Bitcoin back to the Bitcoin mainnet.
BitVM Accelerator Implementation Working Group
In addition, BOB has launched the BitVM Accelerator Execution Working Group to accelerate the implementation and implementation of BitVM and ensure its practical integration in the entire BTC DeFi ecosystem. This working group brings together the smartest talents in the industry to thoroughly improve the functionality of BitVM and unleash its full potential for institutions and ordinary users.
Zamyatin continued: “BitVM is more than just a technology. In order to successfully create a more secure BTC DeFi environment, we must develop BitVM as a product, and the only way to do that is to work closely with stakeholders. The BitVM Accelerator is an executive working group that brings together BitVM builders, Web3 outstanding companies and institutions that will benefit from or operate BitVM. Our mission is to accelerate the final implementation and implementation of BitVM and ensure that the development of BitVM meets the business needs of users and operating institutions.”
The BitVM Accelerator Execution Working Group recognizes that the widespread adoption of BitVM requires collaboration across multiple sectors, and therefore brings together experts in staking, custody, liquidity provision, market making, research, and blockchain security to enable real-world execution and implementation of BitVM. The goal of the BitVM Accelerator is to fully develop BitVM, not only as a technological breakthrough, but also as a practical, widely adopted solution to meet the evolving needs of the BTC DeFi space.
The BitVM Accelerator is an open forum for industry leaders to collaborate on advancing Bitcoin bridge solutions and overcoming challenges that may be hindering BitVM adoption. BitVM Accelerator membership is free and open to all interested parties, while encouraging broad participation from the entire ecosystem.
The founding members of the BitVM Accelerator Implementation Working Group include:
Institutional partners: Amber, Anchorage, Ankr, ChorusOne, Hex Trust, P2P, Rockaway, Unit 410, UTXO, viaBTC Capital, Wintermute
Research partners: Babylon, Bitcoin Layers, BOB, Common Prefix, Fiamma, House of ZK, RiscZero, Succinct, ZeroSync.
About BOB (Build on Bitcoin)
BOB (Build on Bitcoin) is a hybrid Layer-2 network that combines the best of Bitcoin and Ethereum, and is committed to establishing itself as the Home of BTC DeFi. The unique Hybrid L2 model combines the advantages of both ecosystems - Bitcoins security and dormant BTC capital, and Ethereums DeFi innovation and versatility. By positioning BTC as the backbone of a new decentralized financial system, BOB can unlock new use cases and trillions of BTC liquidity. BOB perfectly inherits the security of the Bitcoin network using the BitVM protocol, and creates a trust-minimized bridge between BOB, Bitcoin, Ethereum, and other L1 networks. As a result, Hybrid L2 does not need to rely on a third-party cross-chain bridge for interoperability, easily concentrating liquidity around the Bitcoin network instead of being scattered across various chains.
BOB is supported by leading investment institutions such as Castle Island Ventures, Coinbase Ventures, Ledger Cathay Ventures and IOSG.
