BounceBit, a growing Bitcoin restaking company backed by Binance, has shared its detailed plan to make high-yield Bitcoin investments more accessible to everyone. The company wants to make it easier for people to spend in profitable areas by combining centralized and decentralized finance in a way that doesn’t affect either one.
In a detailed Medium blog piece that came out on May 20, BounceBit laid out its plans for the year 2024. The new company wants to combine the strong structure and high liquidity of centralized platforms like Coinbase with the creation of decentralized infrastructure specifically designed for Bitcoin. This will be done without changing the cryptocurrency’s core technology.
You might not agree, the market might not agree, and that’s fine, we are venturing this road anyway. BounceBit
Bitcoin’s Long-Term Innovation Roadmap
As opposed to some recent trends that have cashed in on short-term hype, BounceBit has decided not to start any sidechains or layer-2 solutions. Instead, it is focused on meeting the long-term needs of the business.
BounceBit’s 2024 roadmap didn’t include any exact dates, but it did highlight a number of important events that would happen that year. One of the most important goals is to improve the speed of nodes on the BounceBit Chain, which is a proof-of-stake layer-1 chain that is protected by validators who stake both Bitcoin and BounceBit’s native token BB. This will be done by optimizing the Ethereum Virtual Machine (EVM) execution layer.
The startup also plans to release a shared security client code that will make it easier for other projects to use BounceBit BTC restaking chain liquidity. Along with this, a new mempool module will be built to speed up transactions, and the communication layer between EVM and Cosmos SDK will be improved.
BounceBit is also going to improve its infrastructure and release a new product called Fixed Earn. This will allow Bitcoin and dollar assets to earn fixed income, similar to how standard crypto loans work. The business also wants to launch BounceClub, a service that lets people use BounceBit’s widget to make their own centralized-decentralized-finance (cedefi) products. The deployment of contracts will be checked against a special whitelist that BounceBit keeps up to date. The way of checking has not been revealed.
Binance Labs, the company’s venture capital arm, told everyone in April that it had invested in BounceBit. The exact amount of the funding has not been made public yet, but Binance Labs’ Yi He stressed that the new company has the potential to open up new ways to use Bitcoin by combining cefi and defi.
