Interlay Unveils BOB: A New Bitcoin Layer 2 Network

Interlay Unveils BOB, a New Bitcoin Layer 2 Network

The team behind decentralized Bitcoin infrastructure provider Interlay has launched the Minimum Viable Product (MVP) of its BOB (“Build on Bitcoin”) solution. BOB is a new Bitcoin layer 2 network that integrates Rust smart contracts compatible with Bitcoin libraries like Lightning and Ordinal, while also supporting the Ethereum Virtual Machine (EVM). The goal of BOB is to enable builders to create decentralized applications and innovate on top of Bitcoin’s existing stack, bringing DeFi, NFTs, and other web3 products to Bitcoin’s user base. Interlay, known for its trustless bridge foundation, has also developed tokenized Bitcoin and contributed to a Polkadot cross-chain bridge.

Key Points:

BOB is a new Bitcoin layer 2 network that supports Rust smart contracts and the Ethereum Virtual Machine (EVM).
BOB aims to enable builders to create decentralized applications on Bitcoin’s existing stack.
The first MVP of BOB features a demonstration app that implements the novel Bitcoin standard BRC-21, allowing token bridging from other chains to Bitcoin.
The MVP incorporates Interlay’s trustless Bitcoin bridge and an integrated Bitcoin Light client for secure cross-bridge functionality.
Future releases will enhance interoperability, introduce Ethereum compatibility, and refine the Bitcoin peg mechanism.

Interlay’s Vision for BOB

Interlay’s BOB solution aims to foster innovation and decentralized application development on Bitcoin’s robust framework. By integrating Rust smart contracts and supporting the Ethereum Virtual Machine (EVM), BOB provides a platform for builders to create new decentralized applications and bring DeFi, NFTs, and other web3 products to Bitcoin’s 300 million users. The MVP of BOB showcases the BRC-21 token standard, which enables secure token bridging from other chains like ETH, DAI, and USDC to Bitcoin. The future releases of BOB will further enhance interoperability, introducing Ethereum compatibility and refining the Bitcoin peg mechanism. Interlay’s goal is to broaden Bitcoin’s utility beyond mere “hodling” and ensure lasting value growth for the premier cryptocurrency.