Persistence One is proud to be onboarding Build on Bitcoin (BOB), one of the biggest innovators and leaders in the BTCfi space, into its interoperability solution. This marks another milestone for Persistence One as it continues integrating more BTC variants into its intents-based cross-chain BTC swapping solution to push the boundaries of what’s possible in the BTCfi world.
Persistence is on a mission to reduce the siloed nature and fragmentation of BTC across the wide variety of L2s, allowing users to quickly swap between assets on different scaling and programmability solutions. The platform will not be limited to L2s and will also integrate BTC variants, including Coinbase Wrapped Bitcoin (cbBTC) and Binance Bitcoin (BTCB).
With Build on Bitcoin (BOB) being integrated into the interoperability solution, token holders can easily move BOB’s BTC variants, such as FBTC, solvBTC, uniBTC, tBTC and WBTC across multiple chains in the BTCfi world using Persistence One.
What is Build on Bitcoin (BOB)?
Build on Bitcoin, affectionately known as BOB, is a pioneering hybrid L2 network that fuses the robust security of Bitcoin with the dynamic versatility of Ethereum. The platform was conceived with a bold mission to introduce the next billion users to Bitcoin and a visionary goal to allow developers to build on Bitcoin.
BOB initially launched its mainnet as an ETH rollup in May 2024 and is the co-author of the latest BitVM2 design, which allows BOB to achieve trustless BTC bridging. In addition, its unique hybrid design allows BOB to provide trust-minimized bridges to Ethereum and other L1s, all secured by Bitcoin.
Since its launch in May 2024, BOB has garnered substantial support from industry titans such as Castle Island Ventures, Coinbase Ventures, Mechanism Capital, and many more. As the first Hybrid L2, BOB is committed to scaling the Bitcoin blockchain through the OP Stack and rollups. It also aims to revolutionize the Bitcoin network by integrating the EVM, empowering developers to innovate on Bitcoin.
By leveraging Bitcoin and Ethereum, BOB can tap into the liquidity of the two largest blockchain networks. The platform wants to make it easier to interact between these blockchains, benefiting from Bitcoin’s enormous security model and Ethereum’s innovative programmability. As a result of its reach into the two largest blockchain ecosystems, the BOB ecosystem already has well over 200,000 unique users and 100+ projects.
In addition, BOB is fully Bitcoin-aligned, tapping into the Bitcoin security model through a merged mining solution. This solution allows Bitcoin miners to secure L2s using the same hashing power they use to mine Bitcoin, letting them secure both networks simultaneously. The platform has integrated multiple BTC variants on its protocol, including WBTC and tBTC, which will be integrated into the Persistence One BTC cross-chain interoperability layer.
tBTC is a decentralized, permissionless Bitcoin bridge created by Threshold Network. The asset is designed to port liquidity to Ethereum, allowing users to hunt yield and embrace DeFi through BTC.
BOB has integrated both tBTC and WBTC into BOB Gateway, a one-click onboarding experience for all things Bitcoin. This gateway serves as a user-friendly interface that allows users to easily swap BTC into tBTC and wBTC, simplifying the process and avoiding the complexities and security risks of bridges.
Why Integrate Build on Bitcoin For Cross-Chain Interoperability?
So, why are we choosing to onboard BOB’s assets into the Persistence One cross-chain interoperability solution?
Our goal is to accelerate innovation and adoption within the BTCfi space, allowing it to reach its full potential faster. To achieve this, we believe the fragmentation that’s currently present in the sector needs to be solved. The cross-chain BTC interoperability product has the potential to improve the UX, increase liquidity and engagement for L2s, and accelerate growth.
We believe that cross-chain interoperability will allow for multiple variants of BTC on separate blockchains to communicate with one another, allowing for seamless swapping of BTC assets between L2s, sidechains, and wrapped tokens.
Our solution will help BOB onboard more users by making it easier to swap assets into WBTC and tBTC variants. For example, suppose a user holds a BTC variant on another L2 blockchain but wants to enter the BOB ecosystem for yield-generating opportunities. Without cross-chain swaps on Persistence, the user would be forced to use multiple bridges and centralized exchanges to facilitate the swap, creating friction for the user.
The Persistence One interoperability solution reduces the friction, which should lead to more users. As a result of increased users, BOB will see more liquidity flowing into its ecosystem, which allows for larger DeFi opportunities (lending, staking, yield farming, etc.), which attracts more users and creates the perfect flywheel effect for user onboarding.
Integrating BOB into the cross-chain BTC-swapping solution can act as a catalyst for the mass adoption of DeFi by eliminating the siloed nature that currently exists in the sector.
With BOB aiming to onboard the next one billion users into Bitcoin and Persistence One looking to accelerate the growth of BTCfi, integrating tBTC and WBTC into the Persistence One solution is a perfect stepping stone to helping both goals come to fruition. With over $55M TVL locked on BOB, and another $94M TVL locked on the BOB Bridge, BOB is the ideal addition to the Persistence One interoperability solution, allowing the liquidity to flow between its BTC variants and the other connected BTC variants from multiple L2 networks.
What is Persistence One?
Persistence One is a Bitcoin-focused cross-chain swapping solution. Our platform will use a cross-chain intents-based solution, which allows users to specify the outcome of a particular swap while allowing the Solvers to choose their routes to make it happen. Essentially, it will enable users to specify the ‘what’ of a specific swap, such as the desired asset and quantity, while leaving the ‘how’ it is executed to the experts. Solvers can utilize unified liquidity across the entire market and take on the finality risk for users to provide incredibly fast swaps between chains with zero slippage.
To learn more about cross-chain intents, take a look at this blog.
Most importantly, Persistence One and its interoperability product will be secured by Bitcoin, leveraging the security-sharing infrastructure introduced by Babylon Labs.
As you can see, we’re very BTC-orientated, and our service for BTC builders will only integrate BTC-aligned or BTC-related assets. Our goal is to make it easier to move Bitcoin around in all its forms and help bring the BTCfi world closer together in a cohesive ecosystem to push the boundaries of what’s possible with BTCfi, and we welcome BOB’s tBTC and WBTC into the ecosystem.
About Persistence One
Persistence One is building a Bitcoin interoperability solution to enable cross-chain BTC swaps across Bitcoin Layer 2s.
The rapid rollout of Bitcoin L2s and side chains has led to fragmentation, hurting BTCfi scalability. Using the power of intents, Persistence One will enable users to move assets across Bitcoin Layer 2s more efficiently than traditional bridging, offering fast, secure, zero-slippage cross-chain swaps.
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