Excited to introduce the
@build_on_bob
Hybrid L2 vision
The Hybrid L2 is a new paradigm combining Bitcoin’s security with Ethereum’s DeFi innovation.
We believe this to be the blueprint to making Bitcoin the center of DeFi.
The idea is simple but powerful: use Bitcoin as
Introducing the Hybrid L2 vision.
Bitcoin security and trust-minimized, BTC-secured bridges to Bitcoin, Ethereum and any other L1.
A blueprint for making Bitcoin the center of DeFi.
Roadmap analysis:
@cosmos
vs
@Polkadot
- next 6 months.
1/6 Today🔍
Cosmos: built IBC to connect non-shared security chains.
Polkadot: built shared security and XCM to connect between shared security chains.
Both IBC and XCM currently only work between "same-format" chains.
Proposing the BRC-21 standard to mint fully decentralized, cross-chain tokens onto
#Bitcoin
.
This allows minting L1 assets like ETH, SOL, DOT and decentralized stablecoins like DAI, LUSD... onto Bitcoin & use them on lightning network
Did you know...
That
@Polkadot
is the only network with a fully operational, decentralized
#Bitcoin
bridge? 🤫🛡️
Not even Ethereum or BTC "sidechains" have a decentralized way to mint and redeem Bitcoin for DeFi.
Decentralization matters - and users should at least have a
Finally, it's live.
You can now mint trustless $kBTC on
@KaruraNetwork
and use it on
@MoonriverNW
and
@KaruraNetwork
We've built the most sophisticated, decentralized, and trustless BTC bridge, ever.
The base is ready. Now comes the fun part.
BitVM2 and BitVM Bridge: TLDR
Today we released the BitVM2 tech and bridge paper!
Huge thanks to brilliant
@robin_linus
@lukas_aumayr
Andrea Pelosi
@zetavar1
@matteo_maffei
TLDR:
- BitVM2 is a major improvement over previous BitVM versions.
- BitVM Bridge is now the most
Excited to announce our $10m funding round for
@build_on_bob
to create the first hybrid L2, combining the best of both worlds from Bitcoin and Ethereum.
We're honored by the trust of OGs
@nic__carter
@MattWalshInBos
and their incredible team at
@CastleIslandVC
-- as well as
I bought some Pesos in Argentina 🇦🇷 via a P2P exchange using USDT on Tron.
Here's my experience 👇👇👇
First of all, why go P2P?
Because the official USD-ARS exchange rate is 2.5-3x worse than the "blue dollar" rate. I actually tried: I withdrew 30€ from an ATM, paid 10€ in
Proposing BRC-42: an extension to the BRC-20 standard to bridge BRC-20 tokens to chains like Ethereum or
@InterlayHQ
in a fully decentralized manner.
This unlocks countless DeFi use cases for BRC-20 tokens, such as DEX swaps, borrowing/lending etc.
So excited to finally announce this.
We've been working with
@MarathonDH
for the last few months to create the best possible chain for institutional adoption - powered by
#Bitcoin
, built with the
@build_on_bob
stack
Alys is in alpha and ready for testing by early partners,
✴️𝐁𝐈𝐆 𝐍𝐄𝐖𝐒✴️
BOB partners with Anduro by
@MarathonDH
to unveil Alys, a new institutional
#Bitcoin
L2.
A blend of Ethereum's flexibility and Bitcoin's security, Alys is set to revolutionize real-world asset tokenization.
Full details ⬇️
It started with a paper in 2018.
Today, we've made a major step to trustless
#Bitcoin
#DeFi
@kintsugi_btc
is live as a
@kusamanetwork
parachain!
Sharing our experience going through the parachain auctions, a peak behind the scenes
@InterlayHQ
:
A little bird just told me...
...the first-ever trustless
#Bitcoin
was minted on
@kusamanetwork
via
@kintsugi_btc
!!!
Houston. We have a countdown⌛️
Can't wait? Prepare on
We're starting to see what many people in our industry have been preaching about for a decade. State-driven attacks on freedom of speech and the tech that these platforms run on. Not somewhere in a dictatorship far away. No, right here, in the heart of Europe.
But are we ready?
My research work has now been cited over 1000 times🎉
This doesn't make me any more qualified to talk about
#Bitcoin
than the many brilliant builders that decided not to go into academia - but still feels like a person achievement worth sharing
Bitcoin Nashville was impressive.
TLDR:
- Event packed every day, not quite Web Summit scale but soon?
- Entire track on politicians & tradifi fomo-ing into BTC
- Was great to meet old friends but also see so many new faces
- Main focus is still on adoption
- Bitcoin L2
@kintsugi_btc
network has officially launched
100% zero-compromise decentralization from day 1.
No admin keys, backdoors, or voting power majority by anyone.
Path cleared for trustless
#BTC
on
@kusamanetwork
,
@Polkadot
- and then *everywhere else*.
Kudos
@InterlayHQ
PSA. We all want ZK rollups on Bitcoin.
However, saying "we're building ZK rollups on Bitcoin" is like saying "we're building a space station for another galaxy".
That's a great, visionary project but the prerequisites don't exist yet. Bitcoin *cannot verify ZK proofs*.
The
BOB is a Bitcoin L2. BOB is an Ethereum L2. BOB is a first-of-it's kind hybrid L2.
BOB will be the most secure L2 through the combination of Bitcoin's PoW and Ethereum's PoS - even before BitVM is live
Excited to share our work on BitVM bridges: A novel trust-minimized protocol to bridge Bitcoins to second layers.
Huge thanks to
@lukas_aumayr
,
@alexeiZamyatin
, Andrea Pelosi,
@zetavar1
, and
@matteo_maffei
for their amazing contributions 🧡
PSA. No, we do not yet have ZK roll-ups on Bitcoin.
We can hopefully do optimistic roll-ups with a 1-of-n trust assumption. ZK can save costs here but that's all.
Anything else is marketing.
We're working on L2Beat for Bitcoin to set the records straight in this space.
As much fun as we have working on it, BitVM isn’t just a passion project.
The goal from the get-go has been to come up with something practical and scalable that could realistically enable Bitcoin DeFi – and we think we’ve finally nailed it with BitVM2
BitVM2 and BitVM Bridge: TLDR
Today we released the BitVM2 tech and bridge paper!
Huge thanks to brilliant
@robin_linus
@lukas_aumayr
Andrea Pelosi
@zetavar1
@matteo_maffei
TLDR:
- BitVM2 is a major improvement over previous BitVM versions.
- BitVM Bridge is now the most
#Bitcoin
DeFi just won a major supporter.
Thrilled to welcome
@VelodromeFi
to the
@build_on_bob
ecosystem.
Boasting ~740m TVL across Optimism and Base, Velo/Aero is an absolute DeFi heavy hitter. Let's grow this to the billions with BTC liquidity.
Announcement:
@VelodromeFi
is setting course on
#BOB
! 🚴⚡️💨
As the pioneering Bitcoin L2 with EVM compatibility, we're excited for Velodrome to deploy its innovative DEX technology on our network.
This collaboration propels us towards a future where Bitcoin DeFi thrives,
6/6 Disclaimer:
- I founded
@InterlayHQ
which is a Polkadot parachain
- I am heavily betting on
@cosmos
IBC replacing centralized bridges
Our goal as a product is to work with both networks - and hence competition is good IMO.
We're trying something new...
Smart contracts for
#Bitcoin
in.... Rust!
Sounds exciting? We're looking for builders who want to revolutionize how we use
#BTC
and contribute the new open financial system.
Join the
@consensus2023
or
@encodeclub
hackathons now!
Links below
100m TVL in less than 4 days. The
#Bitcoin
Renaissance has arrived.
Now, it's up to us builders to continue shipping 🫡 No easy task, both engineering (BitVM) and UX-wise - but we'll work harder than ever to make it happen.
The stakes are high!
🎉 Milestone Achieved 🎉
We've crossed the $100M TVL mark in
#BOBFusion
❗️
Overnight, your support propelled us past this incredible milestone.
What's next? Stay tuned! 👀
99% of bridges are trusted multisigs.
@InterlayHQ
's BTC bridge is secured by a decentralized network of vaults, collateral and light client proofs.
They are not the same.
Independent collateral backing monitor by
@DIAdata__org
:
After months of non-stop building
@InterlayHQ
is launching a
#Bitcoin
DEX and lending protocol next week!
Security is our
#1
priority.
- Trustless
#BTC
bridge live for 1 year
- 6 security audits
- 4mos of DeFi hub testnet
Next week: gated, experimental launch on
@kintsugi_btc
If you're into Bitcoin L2s, start following
@build_on_bob
BOB is a first-of-it's kind hybrid L2 combining BTC and ETH security and liquidity.
BOB will be the first to launch and kick off the
#Bitcoin
L2 season.
It is with great pleasure that I share - I have successfully defended my PhD thesis with minor corrections after 4 years of research
@imperialcollege
🎊🎓
Thanks to my supervisor
@will_wjk
and the examiners
@mrahuth
and
@socrates1024
.
The team behind Interlay announced plans for BOB, a new Bitcoin layer-2 network compatible with Ethereum’s EVM software environment.
@InterlayHQ
$BTC In Protocol Village by
@liqquidity
BOB likes securely bridged BTC.
Bridges are never without risk but tBTC v2 has done an impressive job of creating a robust, MPC-based solution to secure BTC wrapping.
Excited to grow the Bitcoin DeFi ecosystem together
Don't get the FUD.
- Gavin co-created 2 of the most prolific web3 networks
- Always said he's better at tech than being CEO
- Hired experienced C-suite to lead super-growth company Parity
- Made businesses oriented co-founder Björn CEO so he can focus on DOT tech
This is good
I'm a Bitcoin maxi -- I believe Bitcoin is our best shot at a decentralized world.
I'm also a massive fan of what Ethereum has done and can recognize the contributions it's made.
We exist.
Be tribal against oppression and authoritarians, not other innovators.
I've been saying lightning doesn't work for years.
Too many VCs blindly invested in LN without understanding it - in absence of other solutions.
It seems we've reached a point where LN failure is widely accepted among previous supporters. It's time to admit and move on to
Update: most wished
#BTC
+
#DOT
products:
- Stake
#BTC
, earn
#DOT
& other rewards
- Auto-convert staking rewards into
#BTC
Comment on the thread below if you want to see these / more products on
@InterlayHQ
@Polkadot
DeFi frens, shill your
#DOT
+
#BTC
DeFi wishlist!
What products do you want to see on the
@InterlayHQ
DeFi hub at launch?
Stake
#BTC
to earn
#DOT
? Borrow USD against BTC? Or go degen long/short?
You name it, we build it!
PS: launch prep is in full progress 🔨🔨🔨
$150k+ worth of
#iBTC
swapped OTC on
@hydra_dx
right after launch!
The OTC feature allows you to swap BTC and other assets P2P with other users: post or fill orders. Super simple and especially useful for large trades.
Reminds me of the good old bitcoin[.]de times
@Polkadot
DeFi frens, shill your
#DOT
+
#BTC
DeFi wishlist!
What products do you want to see on the
@InterlayHQ
DeFi hub at launch?
Stake
#BTC
to earn
#DOT
? Borrow USD against BTC? Or go degen long/short?
You name it, we build it!
PS: launch prep is in full progress 🔨🔨🔨
It doesn’t matter how good or principled the tech is if nobody wants to use it.
That’s why at
@build_on_bob
we’re building for users – not just ethos.
We’re not Bitcoin maxis. We’re not Ethereum maxis. We’re end-user maxis.
How to build a decentralized
#Bitcoin
bridge.
A thread (in images), summarizing 5 years of research and building the first fully decentralized BTC bridge.
👇
Announcing BOB Stake: The 1-click Bitcoin LST portal and SDK
BTC staking is the most exciting new DeFi primitive, expected to activate $ billions of dormant BTC.
BOB Stake is a novel, one click portal aggregating dozens of the leading BTC LST and yield products, built on
Shh, Udi is asleep. Time to post some BitVM stuff.
BitVM v2 is pretty cool: much simpler than v1, allows anyone to challenge and uses some pretty cool new Script tricks. Still WIP with a few construction sites but the speed at which this is improving makes me very bullish.
I'm now the owner of Orb
#2
@orb_land
and have the power to ask
@nic__carter
a question every 7 days.
Why is this interesting?
@orb_land
is an experiment started by
@ercwl
that allows experts to charge for "consulting" on-chain, while creating an open market for information
Over $100m of BTC is now locked (non-custodial) in BOB Fusion, ready to deploy into the dozens of BOB’s DeFi apps once mainnet goes live shortly after the Bitcoin halving.
BOB is becoming *the* new kid on the block and we’re here to stay
🚀
#BOBFusion
Season 1 update as we prepare for Season 2:
🔹 12K+ participants
🔹 $219.3M TVL locked
Highlights:
🔸 $114.67M in BTC assets
🔸 $31.07M in ETH assets
🔸 $21.57M in stablecoins
🔸 $44.96M in eSOV
Stay tuned for more as we approach the grand finale! 🔥
Non-custodial bridges do not exist. To bridge = to deposit.
99% of bridges today are one of:
- Trust a single signer
- Trust in honest majority of a multisig/threshold sig (statistical security)
Better (hopefully soon):
- Lock in a smart contract and trust light clients
For
Interoperability Deep Dive: XCMP vs IBC vs Optics
Short, purposefully simplified Sunday deep dive into the 3 hottest cross-chain protocols between smart contract chains.
As usual: DYOR & feedback/corrections welcome!
BRC20s reminded us once again about
#Bitcoin
#scaling
limits.
BTC L2s today lack adoption, despite existing for a long time.
It's time for a new kid on the block.
A Bitcoin Rollup inherits **nothing** of Bitcoin's security 🚫
Yes, you use Bitcoin as an expensive bulletin board for data availability.
This is not new.
Colored coins are older than Ethereum. It's the **same**.
Even merged mining is better bc at least some miners verify
You can now run a sovereign rollup on Bitcoin.
Announcing the first research integration of Bitcoin as a data availability layer for sovereign rollups. 🧵
Our vision for
@build_on_bob
is to create the first hybrid rollup with multiple native bridges.
BTC assets secured by
#Bitcoin
ETH assets secured by
#Ethereum
Step 1: relay BitVM fraud proofs to the ETH L1 contract.
JUST IN: BOB announced its Rollup roadmap at the Bitcoin Renaissance event, during
#EthDenver
2024.
A thread w/ each phase explained by Co-Founder
@alexeiZamyatin
. 👇
The tooling that Eclipse will provide to developers will enable the next generation of web3 applications, offering unparalleled dedicated throughput while borrowing the security, decentralization, and reliability of existing L1s.
5/6 Who has the advantage?🏎️🚗
Tech-wise, Polkadot might have a slight edge here.
Marketing/BD-wise, Cosmos seems to have an edge, with
@dYdX
onboarding. USDC is coming first to DOT.
Last year we designed a protocol that combines
#Bitcoin
bridges with rollups ("commit chains").
Our goal was to reduce collateral requirements for
@InterlayHQ
's trustless BTC bridge. The result was what a BTC L2 might look like in the future.
Over the
Adding new features to Bitcoin is necessary - but rushing them is dangerous.
Funding initiatives and experimentation to validate before pushing for a fork is the right way to go about this.
Shoutout to
@StarkWareLtd
for putting up $1m for an OP CAT fund!
We've designed and built the first trustless BTC bridge.
We've launched the first truly decentralized BTC DeFi Hub.
What we are launching next is the biggest thing we've ever worked on and will help bring the next 1 billion users to
#Bitcoin
Ordinals made Bitcoin hit ATH in processed transactions.
Today using Ordinals requires specialized wallets.
Now imagine if 30 million Metamask users could use Ordinals, Runes, BRC20s... And trade them with ETH, USDT, USDC,...
Coming soon, powered by
@build_on_bob
90% of the audits are completely useless, change my mind.
But if you don't do them and something happens, ppl go nuts.
What would make sense is some form of insurance. But because there are so many scam/rug projects willing to pay for credibility, auditors have no reason to
Liquidity is king.
By accessing liquidity from both Bitcoin and Ethereum, incl native stablecoins,
@SovrynBTC
can grow to become one of the largest DeFi platforms in the space, powered by
@build_on_bob
2/6 Under construction 🏗️
Cosmos: building shared security, likely learning from DOT's pros/cons.
Polkadot: extending XCM to work between independent substrate chains, likely learning from IBC
(Beefy light client, that also will enable trustless DOT-IBC and DOT-ETH bridges)
Today, for the first time in almost 10 years working on
#Bitcoin
, I onboarded a newbie to BTC in a web3 native way in less than a minute.
BOB Pay is actually something even my parents can and *will* use.
Bullish.
ETH: 278bn
ETH L2s: 40bn+
Bitcoin: 800bn market
Bitcoin L2s: ??🔥
Competition will be fierce but we're all working towards the same goal: grow the pie.
May the games begin
Bitcoin L2s are likely a $100B+ market in the coming years.
Opportunity for new devs to come in and bring the successful apps & experiments from the rest of crypto to Bitcoin L2s.
we accelerated the
#1
bitcoin wallet for ordinals and l2s
@XverseApp
at a time when everyone wrote btc off
we r also excited about btc l2s, ordinals, runes, and talked about them ad nauseam on
@goodgamepodxyz
bitcoin renaissance is real, come build with us
What a year to start a company. Global pandemic, economic crisis, DeFi hype, Bitcoin ATH…
2020 was a roller-coaster ride all way long... and a fantastic year for
@InterlayHQ
.
Looking back at our journey from PhD to start-up life:
Too many people still think tBTC is collateral backed and hence too expensive/not scalable.
It's a big multisig using TSS. A balanced solution between security and decentralization. Until we have practical BitVM it's the most secure BTC bridge design.
Can devs do something to
Scam warning: the
@InterlayHQ
has been compromised. Do not click on any links posted from that account.
How? I got sim swapped.
Status: i reacted within 30min, blocked everything and have by now regained control over my phone number.
As far as we can tell the only account
Happy Bitcoin Halving!
Now begin 4 years of work towards Bitcoin L2s to increase Bitcoin fee revenue ahead of the next halving to ensure long term economic security.
3/6 When? ⏳🏁
Cosmos: shared security v1 promised for Q1/23, v2 for Q3/23. v2 seems to be = Polkadot shared security features.
Polkadot: Beefy light client & bridge hub/XCM update by Q1/23 according to roadmap
Unpopular opinion: *self-custody* is a meme outside of cypherpunks.
We will not get mass adoption if people are scared of losing money.
I've been doing this for 8 years and still have nightmares about key management and sending a wrong transaction.
For
#Bitcoin
mass adoption,