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The layer-two initiative known as BOB, short for ‘Build on Bitcoin,’ has declared its mainnet operational with over 40 apps launching in the initial phase. Notably, the BOB application that facilitates bridging and access to the ecosystem is geo-blocked in the United States.
On May 1, 2024, the hybrid L2 BOB reported the launch of its mainnet accompanied by more than 40 diverse applications. The BOB ecosystem is comprised of a bridge, wallets, non-fungible tokens (NFTs), gaming apps, a metaverse, and various decentralized finance (defi) applications. The project’s X account announced the launch stating:
BOB Mainnet is live. Phase 1 has started with 40+ projects launched today, $300M in TVL fueling a Bitcoin-driven defi summer, [and] launching Season 2 of BOB Fusion.
The X account further announced that an additional cohort of over 40 apps will integrate into the BOB ecosystem within the next two to three weeks. The team said BOB’s Ethereum rollup is designed to provide “easy access to stablecoins [and] bluechip ERC20s,” along with “fast on/off-ramps via major exchanges [and] ETH L2s.”
In its Season 2 initiative, BOB revealed that users who bridge to BOB and contribute to the total value locked (TVL) in dapps will receive “Spice” points. As of now at 11:30 a.m. Eastern Time on Thursday, the BOB web portal reports the TVL stands at $285.56 million.
Additionally, BOB indicated that users could also accumulate Spice by actively participating in BOB decentralized applications (dapps) and completing Galxe quests. Access to BOB requires an access code, and the Fusion application restricts users in the U.S. from using the platform.
“This website is not available in your location due to geoblocking,” the site states. “Geoblocking is a practice used by content providers to restrict access to their content based on the geographical location of the user. This is often done to comply with local laws and regulations.” BOB recently raised $10 million in seed funding to advance the L2.
