What to know:

• The BOB layer-2 network has introduced its testnet ahead of the mainnet launch scheduled for the fourth quarter of this year.
• By utilizing the BitVM model, BOB aims to merge the security of Bitcoin with the functionality of Ethereum to establish a DeFi environment.
• This innovative bridge facilitates the transfer of BTC to the rollup and permits the withdrawal back to standard Bitcoin.
• BOB stands out by utilizing real Bitcoin instead of a wrapped equivalent for its DeFi functionalities.

Layer-2 project BOB has officially launched its testnet in preparation for the upcoming mainnet debut. This hybrid layer-2 system seeks to blend the strengths of Bitcoin’s security and wealth with the flexibility of Ethereum through the BitVM computing approach to create a decentralized finance (DeFi) platform.

The BitVM technology allows BTC to be moved to this new system and later returned, ensuring usability without relying on wrapped Bitcoin variants. BOB emphasizes that just as Ethereum maintains its original asset status on rollups, BTC remains in its native format on BOB.

Support for this initiative includes several significant crypto firms, including P2P.org, Lombard, Solv Protocol, RockawayX, and Amber Group.