The Bitcoin restaking platform BounceBit is now in early access mode. Since its launch on January 23, it has accrued over $545 million in total value locked (TVL).
Under development Bitcoin restaking protocol BounceBit has raised a staggering $6 million in its seed funding round, co-led by Breyer Capital and Blockchain Capital.
Other big investors include Bankless Ventures, Matrixport Ventures, CMS Holdings, and others. Additionally, several Angel investors including Calvin Liu, chief strategy officer of EigenLayer, also joined the funding round.
Founded last December 2023, BounceBit closed its seed funding round last week. Jack Lu, the founder and CEO of BounceBit, explained that the funding round was arranged as a Simple Agreement for Future Equity (SAFE) with a token warrant.
The Bitcoin restaking protocol BounceBit is currently operational in early access mode. Since, its early access launch last month on January 23, BounceBit has already amassed more than $545 million in total value locked (TVL). According to Lu, while BounceBit shares similarities with Babylon, Merlin Chain, and B² Network, its technology sets it apart as unique. Speaking to The Block, he added:
“Our interaction with Bitcoin is anchored on the asset level rather than the protocol level. BounceBit will build a plethora of infrastructure, exploring the use-cases of restaking for various types of Bitcoin.”
Lu mentioned that BounceBit’s proof-of-stake Layer 1 network facilitates BTC, Binance’s BTCB, and BounceBit’s native token. He emphasized that this strategy not only expands BTC participation but also reinforces chain security. Additionally, Lu stated that Binance’s BTCB is BounceBit’s main asset due to its accessibility.
“It has a swift creation and redemption process on the Binance exchange, coupled with robust liquidity on the BNB Chain. It provides the lowest barrier to entry to the average user,” he said.
BounceBit to Launch BounceClub
BounceBit will soon introduce BounceClub and the BounceBit App Store to expand its ecosystem further. According to Lu, BounceClub serves as an on-chain web3 domain that enables users to create, deploy, and access decentralized applications (dApps) within the BTC ecosystem. It functions as a central platform, enabling users to customize their web3 projects by selecting from a wide range of tools and components available in the BounceBit App Store.
BounceBit is affiliated with Bounce Finance, a token launchpad. He noted his previous role as a co-founder of Bounce Finance since 2020 but mentioned his recent resignation. However, Lu emphasized that Bounce Finance would continue to support the BounceBit ecosystem.
Currently, BounceBit employs 15 individuals, and with the recent funding secured, the startup intends to expand its team and launch both its testnet and mainnet in the upcoming weeks. Lu stated that the testnet will go live early next month, with the mainnet expected to follow in April, coinciding with the Bitcoin halving.
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