BounceBit Pledges To Democratize Bitcoin Investing With Binance-Backed Roadmap
BounceBit, a new Bitcoin restaking startup, has announced a detailed roadmap for 2024 aimed at democratizing high-yield Bitcoin investing by merging centralized and decentralized finance (CeDeFi).
Backed by Binance, the startup’s ambitious plan involves enhancing infrastructure and introducing new products while maintaining Bitcoin’s core technology.
BounceBit Unveils Plans for Bitcoin Democracy By Blending Centralized and Decentralized Infrastructure
In a May 20 Medium blog post, BounceBit revealed in its roadmap, its vision to combine the liquidity and structure of centralized exchanges like Coinbase with decentralized infrastructure for Bitcoin. The company emphasized it would not launch a sidechain or layer-2 solution, distancing itself from recent trends like runes and BRC-20 tokens, which it views as short-term hypes.
In April, Binance Labs, Binance’s venture arm, announced its investment in BounceBit. While the deal’s size was not disclosed, Binance Labs’ Yi He highlighted that the startup “unlocks new avenues for Bitcoin’s utilization with the fusion of CeFi and DeFi.” BounceBit’s vision is encapsulated in its CeDeFi framework, which has been operational since its inception a few months ago. This framework merges the security of Centralized Finance (CeFi) with the potential of Decentralized Finance (DeFi).
BounceBit 2024 Roadmap – Romance of the Three Kingdoms
Over the past four months our CeDeFi products have proven returns and feasibility on a large scale.
"Retail access, institutional yield"
:https://t.co/khqOGC4QNY pic.twitter.com/4Q1lDxcUIb
— BounceBit (@bounce_bit) May 20, 2024
According to the roadmap, BounceBit’s protocol development is divided into three pillars: BounceBit Portal, BounceBit Chain, and BounceClub, each with its own designated roadmap. The startup plans to enhance the BounceBit Chain, a proof-of-stake layer-1 chain secured by validators staking Bitcoin and BounceBit’s native token, BB. This will involve optimizing the Ethereum Virtual Machine (EVM) execution layer to improve node performance.
The BounceBit Portal is the operating system that allows easy interaction with the protocol’s products. Planned services include fixed earnings for investors seeking stable returns, over-collateralized lending and borrowing, and additional structured products tailored to investors’ needs.
BounceClub will aid users in launching their own CeDeFi products using BounceBit’s widget. BounceBit’s role will include maintaining the whitelist for contract deployment and creating general components, while the official website will provide these components without hosting business logic for Decentralized Applications (DApps).
Bitcoin Going Toward A New ATH After $67K Resistance Level
Bitcoin’s price is poised for new all-time highs if it can surpass the critical resistance level of $67,500. Markus Thielen of 10x Research believes that breaking through this level could trigger a bullish rally, especially given Bitcoin’s recent recovery above the $66,000 threshold and a 7.3% growth over the past week.
He emphasizes that overcoming $67,500 could validate Bitcoin ETF model projections, driving the cryptocurrency to new highs.
Recent trends in the United States show positive inflows for spot Bitcoin ETFs for two consecutive weeks, with over $200 million net inflow. However, this is lower than the previous week’s $413 million.
Institutional inflows through ETFs have significantly contributed to Bitcoin’s rally, accounting for 75% of new investments and pushing its price past $50,000. A breakthrough at $67,500 could liquidate nearly $300 million in leveraged short positions, indicating strong bullish momentum.
The post BounceBit Pledges To Democratize Bitcoin Investing With Binance-Backed Roadmap appeared first on Cryptonews.
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