BounceBit, a platform that deals with the practice of restaking Bitcoin, has revealed that it will land on mainnet on May 13, with the accompanying listing of the BB token that will be partially distributed to the early adopters of the project as an airdrop.
BounceBit is one of the most interesting and followed protocols in the crypto world, given its promise to bring BTC directly into DeFi, so much so that it managed to attract a whopping 1 billion dollars in TVL before its official launch.
Let’s see all the details below.
BuonceBit’s restaking blockchain prepares for mainnet
BounceBit, innovative cryptographic protocol aiming to implement restaking on Bitcoin, is about to launch its own PoS blockchain on May 13 bringing new opportunities in the crypto world and new interconnections between DeFi and CeFi.
This project was born with the aim of offering a yield to native BTC holders by exploiting the arbitrage of funding rates on cryptocurrency futures markets.
By staking their BTC on Bouncebit (or other tokens like WBTC, BTCB, USDT, and FDUSD), users agree to convert their BounceBTC resources, which is a currency representing the stake of BTC built with a more efficient standard for EVM blockchains.
This is delegated to multiple validators, who use it to launch their own services (similar to EigenLayer’s AVS), giving the token owner in exchange the liquid staking derivative stBTC, as well as the returns generated from interest rate arbitrage.
In this way, the security and liquidity of the Bitcoin world are inherited by the new protocols, which can propose hybrid solutions between centralized and decentralized markets to exploit high yields.
A few days ago, the BounceBit team announced to their audience that the so-called “restaking chain” will be launched on mainnet on May 13th.
At this moment, until the official launch, all premium yields will be suspended and it will no longer be possible to stake additional resources to earn additional yield.
Anyway, the previous bets will continue to earn based on the chosen strategy.
From here until May 13, node operators will be appointed and included in the initial set of BounceBit, so that they can delegate their BBTC/BB to validators as soon as the mainnet is launched.
In the following two days (12-13 May) the distribution of LCT will take place for Early Access users on BounceBit Chain, BNB Smart Chain and Ethereum.
You can refer to the following image to understand which LTC you are entitled to and what are the waiting times for withdrawals, if you have deposited assets on Bouncebit in the past weeks.
Once these steps are completed, the Bouncebit network will go live and the BB token will be launched on major cryptocurrency exchanges.
WARNING: if you have deposited crypto in the Premium Yield, you can withdraw the funds only from May 20 onwards, directly on the original chain (WBTC on Ethereum and BTCB on BNB Chain)
The BB token will enter the market on May 13th on the main crypto exchanges: airdrop for early users
As mentioned, BounceBit’s mainnet underlies the listing of BB, the project’s token that will play a very important role in the PoS dual staking with the BTCB/BB pair.
Simultaneously with the launch of BB which will be included in several Tier-1 exchanges like Binance, there will be the airdrop for early adopters of the platform who have supported the growth of the protocol by depositing coins in the past weeks.
The points obtained on the protocol will be converted into tokens for all eligible subjects: at the moment it is not yet possible to view a conversion rate.
Anyway, the snapshot has already been taken so interacting now with BounceBit will not entitle you to a new allocation.
It is essential to know that THERE ARE NO CLAIMS TO BE MADE, but the airdrop will be automatically distributed in the form of BB tokens on the new BounceBit blockchain.
Pay attention to scams and be wary of any interaction with your wallet that is connected to claiming the prize.
Together with the airdrop, the Megadrop event organized by Binance will also conclude, where users were invited to try the BounceBit protocol directly from the exchange’s web3 wallet.
During this phase, over 100,000 individuals participated in the initiative, making it one of the most followed among those led by Binance. Obviously, the prizes will not be so appealing, given the significant influx of farmers.
Both the rewards for the Premium Yield Generation stake and those for the Megadrop will be available before trading for BB opens
#Binance is excited to announce the first Megadrop project – @bounce_bit $BB.
You can start participating in the BounceBit Megadrop from 26 April, at 12am UTC!
Find out more
— Binance (@binance) April 25, 2024
With the launch of BB, the generation of premium yields for new stakers will also be reopened, in addition to the withdrawal of assets from liquid staking.
The MUBI, AUCTION, and DAII tokens deposited during the Water Margin event will be returned to your Ethereum wallet. We cover the gas fees.
As announced by the project, the BB resource, in addition to playing a fundamental role in the proof of stake consensus, will be used to cover transaction gas to support BounceClub applications such as liquidity and to vote on future governance decisions.
We do not know what the listing price of BB will be, even though we know the maximum supply, set at 2.1 billion tokens, and the circulating supply estimated at 19.5% of the total.
Currently on Whales.market each Bouncebit point is quoted at 0.0089 dollars: we can get a rough idea of how much the airdrop will be worth by multiplying the number of points obtained by their market value.
By eye and cross, with an estimated FV of 10 billion dollars, each BB should be worth around 5 dollars.