BounceBit (BB): Getting to Know the Liquid Bitcoin Restaking Platform

Bittime - BounceBit is an innovative platform that brings the concept of liquid restaking to the world of Bitcoin, allowing users to earn additional value from the Bitcoin they stake. With a unique approach and powerful infrastructure, BounceBit presents new opportunities for Bitcoin holders to increase the utility and security of their assets on the blockchain network.

What is Liquid Retaking?

Liquid restaking is a process where users can restake tokens they have previously staked to receive new tokens called “liquid staking tokens” (LST). This process aims to increase the economic security of the external system, while providing users with the opportunity to optimize the value of their assets.

In the world of Ethereum, the concept of liquid restaking has been implemented successfully through protocols such as Lido. Users can stake their Ether (ETH) and receive synthetic tokens equivalent to a 1:1 value of ETH, which can then be used for various operations on other protocols. However, BounceBit brings this concept to the Bitcoin network, introducing new infrastructure that allows liquid restaking on BTC.

How Does BounceBit Work?

BounceBit offers a Proof of Stake (PoS) based layer one ecosystem, where validators are required to stake BTC and BounceBit's native token (BB). This approach creates a dual token security system that strengthens the network while increasing Bitcoin's intrinsic value. Validators participating in the BounceBit network receive rewards in the form of BB tokens and/or BTC, thereby creating deeper liquidity and minimizing volatility.

Additionally, BounceBit leverages interoperability with other Ethereum Virtual Machine (EVM) compatible networks, allowing staked assets such as BTCB and Wrapped Bitcoin (WBTC) to be used flexibly in a variety of applications. By combining a centralized finance (CeFi) approach and technologies like MirrorX Ceffu, BounceBit ensures that Bitcoin remains active in trading activity on centralized exchanges while maintaining an on-chain presence.

BounceBit Tokenomics and Ecosystem

BounceBit's native token (BB) has a central role in this ecosystem. With a total supply limited to 2.1 billion tokens, BB is used for a variety of purposes, including participation in on-chain governance, staking in a dual-token PoS mechanism, and as a reward for validators who maintain network security. BB is also the denomination of gas fees on the BounceBit network, ensuring that every transaction and operation in this ecosystem remains safe and efficient.

One of the interesting features of BounceBit is EVM compatibility, which allows developers to easily migrate their applications to the BounceBit network. With support for the Solidity programming language, developers can take advantage of Ethereum's established security and ecosystem while still operating on the Bitcoin network via BounceBit.

How to Buy Crypto on Bittime

You can buy and sell crypto assets easily and safely via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also ensure you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. Study Complete Guide How to Buy Crypto on Bittime. 

Monitor graphic movement of Bitcoin (BTC) price, Ethereum (ETH), Solana (SOL), and other cryptos to find out today's crypto market trends in real-time on Bittime.