BounceBit, a new Bitcoin restaking startup backed by Binance, has unveiled its roadmap for 2024, outlining its plans to merge the benefits of centralized and decentralized finance to create high-yield opportunities in Bitcoin investing.
In a blog post on Medium dated May 20, BounceBit detailed its strategy to integrate the structure and liquidity of centralized exchanges like Coinbase with decentralized infrastructure for Bitcoin. The startup emphasized that it will not be launching a sidechain or layer-2 solution, stating that “recent trends, like runes and BRC-20 tokens, seem to capitalize on temporary hype rather than addressing long-term needs.”
“You might not agree, the market might not agree, and that’s fine, we are venturing this road anyway,” BounceBit noted.
While the 2024 roadmap does not provide specific dates, it highlights several key developments planned for this year. BounceBit aims to enhance the BounceBit Chain — a proof-of-stake layer-1 chain secured by validators staking both Bitcoin and BounceBit’s native token BB. This will involve optimizing the Ethereum Virtual Machine (EVM) execution layer to improve node performance.
Other planned improvements include developing a shared security client module to enable other projects to utilize the liquidity of the BounceBit BTC restaking chain, building a new mempool module to increase transaction throughput, and updating the communication layer between EVM and the Cosmos SDK, a framework for building blockchain networks.
Besides infrastructure upgrades, BounceBit plans to introduce the Fixed Earn product, which will offer fixed income for Bitcoin and dollar assets, similar to traditional crypto lending. The company will also launch BounceClub, a service that allows users to create their own centralized-decentralized-finance (CeDeFi) products using BounceBit’s widget. For contract deployment, BounceBit will maintain a special whitelist, though the verification process has not been detailed yet.
In April, Binance Labs, the venture arm of Binance, announced its investment in BounceBit. Although the deal size remains undisclosed, Binance Labs’ Yi He mentioned that the startup “unlocks new avenues for Bitcoin’s utilization by combining CeFi and DeFi.“
Summary Review: BounceBit’s 2024 roadmap outlines an ambitious plan to bridge centralized and decentralized finance for Bitcoin, aiming to create new high-yield investment opportunities. Backed by Binance, the startup focuses on enhancing its proof-of-stake layer-1 chain and introducing innovative products like Fixed Earn and BounceClub. While the roadmap lacks specific dates, the outlined developments signal a significant effort to optimize Bitcoin’s infrastructure and usability without altering its core technology. As BounceBit progresses, its ability to blend the strengths of CeFi and DeFi will be crucial in attracting both traditional and crypto investors.
Disclaimer: Remember that nothing in this article and everything under the responsibility of Web30 News should be interpreted as financial advice. The information provided is for entertainment and educational purposes only. Investing in cryptocurrency involves inherent risks and potential investors should be aware that capital is at risk and returns are never guaranteed. It is imperative that you conduct thorough research and consult with a qualified financial advisor before making any investment decision.
