BounceBit, a new Bitcoin restaking startup backed by Binance, has unveiled its roadmap for 2024, outlining significant developments aimed at democratizing high-yield opportunities in Bitcoin investing by merging the best aspects of centralized and decentralized finance.
BounceBit’s Ambitious Roadmap
On May 20, BounceBit detailed its 2024 roadmap in a Medium blog post. The startup plans to combine the structure and liquidity of centralized exchanges, such as Coinbase, with decentralized infrastructure for Bitcoin. Notably, BounceBit emphasized that it will not introduce a sidechain or layer-2 solution, instead focusing on maintaining Bitcoin’s core technology.
Merging CeFi and DeFi
BounceBit aims to merge the strengths of centralized and decentralized finance (CeFi and DeFi) to provide innovative investment opportunities. The company stated, “Recent trends, like runes and BRC-20 tokens, seem to capitalize on temporary hype rather than addressing long-term needs.” Despite potential disagreements, BounceBit is committed to its unique approach.
Key Developments for 2024
Although specific dates were not mentioned, BounceBit’s roadmap highlights several key developments for 2024. The startup plans to enhance the BounceBit Chain, a proof-of-stake layer-1 chain secured by validators staking both Bitcoin and BounceBit’s native token, BB. Key improvements include optimizing the Ethereum Virtual Machine (EVM) execution layer to boost node performance and developing a shared security client module to leverage the liquidity of the BounceBit BTC restaking chain.
Infrastructure Enhancements
BounceBit is also working on constructing a new mempool module to increase transaction throughput and refactoring the communication layer between EVM and Cosmos SDK, a framework for developing blockchain networks. These enhancements aim to create a robust and efficient infrastructure for Bitcoin and other blockchain projects.
Innovative Financial Products
In addition to infrastructure improvements, BounceBit plans to introduce several innovative financial products. The Fixed Earn product will offer fixed income for Bitcoin and dollar assets, similar to traditional crypto lending. BounceBit will also launch BounceClub, a service enabling users to create their own centralized-decentralized-finance (CeDeFi) products using BounceBit’s widget.
Special Whitelist for Contract Deployment
For contract deployment, BounceBit will maintain a special whitelist, although the verification method is yet to be disclosed. This approach aims to ensure security and trustworthiness within the BounceBit ecosystem.
Binance Labs’ Investment
In April, Binance Labs, the venture arm of Binance, announced its investment in BounceBit. While the deal’s size remains undisclosed, Binance Labs’ Yi He commented that the startup “unlocks new avenues for Bitcoin’s utilization with the fusion of CeFi and DeFi.”
BounceBit’s roadmap for 2024 outlines an ambitious plan to revolutionize Bitcoin investing by merging centralized and decentralized finance. With significant backing from Binance and a focus on innovative infrastructure and financial products, BounceBit aims to democratize high-yield opportunities and enhance Bitcoin’s utility.
