With the continuous rise in the price of Bitcoin, its ecosystem and NFT have received a lot of attention recently. Today (29th), Bouncebit, a project that serves as the BTC Restake mechanism, has completed a $6 million financing.
Following the 2023 Bitcoin frenzy and the surge in its price, the Bitcoin ecosystem and NFT have garnered a lot of attention recently. Due to the limitations of Bitcoin’s native smart contracts, the focus has been on how to unlock the $1.2 trillion market value and become the pursuit of many protocols. Today (29th), Bouncebit, which announced the completion of a $6 million financing, is expected to address this pain point.
What is Bouncebit?
It is understood that BounceBit is supported by the exchange Binance and its innovation lies in its BTC Restake mechanism. The core of this system is that users can simultaneously pledge BTC tokens and the native tokens of the BounceBit network to ensure transaction security. What is special is that BounceBit’s architectural design is fully compatible with the Ethereum Virtual Machine (EVM) and Solidity language, which means that many projects originally running on the ETH platform can seamlessly migrate to the BTC ecosystem.
Bouncebit Introduction
In late January of this year, BounceBit launched an activity called “Water Margin,” which is similar to Blast’s deposit mode and supports deposits on both the Ethereum and BNB chains. Although it is limited to an invitation mechanism, according to Defiliama data, it has attracted 450 million RMB in funds participation.
In the future, BounceBit’s roadmap is heading towards the launch of its mainnet in April, which will coincide with the Bitcoin halving. In addition, the testnet is expected to go live in early March.
$6 million financing, led by top institutions
It is worth mentioning that BounceBit recently successfully completed a $6 million financing round, which has increased market investors’ expectations for the project. This round of financing was led by well-known venture capital firms Blockchain Capital and Breyer Capital, including dao5, CMS Holdings, Bankless Ventures, NGC Ventures, Matrixport Ventures, OKX Ventures, Mirana Ventures, HTX Ventures, Mexc Ventures, Bodhi Ventures, and others.
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