BounceBit Launches Testnet for Access to Staking, DeFi

BounceBit Launches Testnet for Access to Staking, DeFi

BounceBit Launches Testnet for Access to Staking, DeFi

BounceBit’s introduction of its testnet provides users with early access to its features, which include BounceClub events and dual-token staking.

With the announcement of the introduction of its testnet, the Bitcoin staking protocol BounceBit (BB) gave users a chance to test out BounceClub’s early features and take part in staking activities.

With the launch of the BounceBit testnet came a number of new features, such as the BounceClub event, which gave users early access to BounceClub, the BBScan explorer, which tracked all network activity, and dual-token staking, which allowed users to stake both the native token BB and the Bitcoin equivalent of BounceBit, BBTC.

By acquiring BB tokens, users gain access to testnet functionalities. Anybody can attend the BounceClub event, and you can sign up as either a user or a BounceClub owner. We will be implementing two testnet leaderboards to track engagement. One will rank BounceClub owners according to the total amount of transactions in their Clubs, and the other will rank BounceClub users according to the amount of transactions they make individually.

Upon the launch of the mainnet, the top 6,000 BounceClub owners from the testnet will be eligible to receive 6,000 BounceClubs.

Users are able to take part in decentralized finance (DeFi) activities within BounceClubs using a wide variety of tokens mirrored from many platforms, such as BTC, WBTC, AUCTION, USDT, MUBI, FDUSD, and DAII, among many more, thanks to the BounceClub testnet event.

With BounceClub as their on-chain Web3 domain, Bitcoin users may build, release, and interact with dApps as part of the Bitcoin ecosystem. At its core, BounceClub is an app store for the dedicated BounceBit, where users can find a wide variety of tools and components that they may incorporate into their Web3 creations.

BounceBit Quickens the Development of Bitcoin Restaking

Established in the latter half of 2023, BounceBit is constructing the Bitcoin restaking infrastructure that will underpin a variety of restaking products and be protected by the regulated custody of Mainnet Digital and Ceffu.

Validators stake Bitcoin and their native token BB to secure the BounceBit chain, which functions as a proof-of-stake (PoS) Layer 1. The BounceBit ecosystem is built on this product. Through the integration of decentralized finance (DeFi) and centralized finance (CeFi) frameworks, they facilitates the earning of yield across several networks for Bitcoin holders. In the short time since the protocol’s early access debut in January, more than $474 million worth of value has been locked (TVL).

Blockchain Capital and Breyer Capital co-led a seed investment round that BounceBit completed recently, raising $6 million. With these money, we can hire more people, speed up development, and launch the mainnet in April—right in time for the Bitcoin halving—as a whole.

BounceBit’s dedication to continuing to revolutionize Bitcoin restaking is evident in its testnet debut and the introduction of BounceClub.

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