Posted: March 8, 2024 8:39 AM Updated: March 8, 2024 8:39 AM
Correction and fact check date: March 8, 2024, 8:39 a.m.
briefly
BounceBit has launched a testnet for users to participate in Bitcoin staking activities and explore BounceClub’s early access features.
Bitcoin staking protocol BounceBit (BB) announced the launch of its testnet, giving users the opportunity to participate in staking activity on the BounceBit testnet and explore the early features of BounceClub.
The BounceBit testnet launch includes the BounceClub event, which provides early access to BounceClub, BBScan, an explorer that tracks all activity on the BounceBit network, and a dual token that allows users to stake BounceBit’s native token BB and BounceBit’s Bitcoin equivalent BBTC. We are introducing several features such as staking. .
Users can access testnet features by earning BB tokens. Participation in BounceClub events is open to anyone, with the option to participate as a BounceClub owner or BounceClub user. Two testnet leaderboards will be implemented to monitor participation. One ranks BounceClub owners based on the total transaction amount within their club, while the other focuses on BounceClub users and ranks them based on individual transaction amount.
The top 6,000 BounceClub owners on the testnet leaderboard will have the opportunity to claim 6,000 mainnet BounceClubs upon mainnet launch.
The BounceClub Testnet Event will promote the use of a variety of mirrored tokens across various platforms, allowing users to participate in decentralized finance (DeFi) activities within BounceClubs, including BTC, WBTC, AUCTION, USDT, MUBI, FDUSD, and DAII.
BounceClub acts as an on-chain Web3 domain and provides users with the ability to create, run, and participate in decentralized applications (dApps) within the Bitcoin ecosystem. Acting as a central hub, BounceClub allows users to customize their Web3 projects by selecting tools and components from a wide selection of products in the dedicated BounceBit App Store.
BounceBit Accelerates Bitcoin Resale Innovation
Founded in late 2023, BounceBit is building a Bitcoin re-staking infrastructure that serves as the base layer for a variety of re-staking products secured by the regulated management of Mainnet Digital and Ceffu.
Designed as a showcase for re-staking products within the BounceBit ecosystem, the BounceBit Chain operates as a Proof-of-Stake (PoS) layer 1 secured by validators staking Bitcoin and BounceBit’s native token BB. Combining centralized finance (CeFi) and DeFi frameworks, BounceBit allows Bitcoin holders to earn returns across multiple networks. The protocol has amassed more than $474 million in total value locked (TVL) in the months since its early access launch in January.
Recently, BounceBit raised $6 million in a seed funding round co-led by Blockchain Capital and Breyer Capital. The funds will be used to accelerate development in time for the Bitcoin halving, expand the team, and accelerate the mainnet launch in April.
BounceBit’s testnet launch highlights its commitment to continue the revolution in Bitcoin re-staking with the introduction of BounceClub.
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Alisa is a reporter for Metaverse Post. She focuses on everything related to investing, AI, metaverse, and Web3. Alisa holds a degree in Art Business and her expertise lies in the fields of art and technology. She developed a passion for journalism through her work with VCs, notable cryptocurrency projects, and science writing. You can contact us at (email protected).
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Alisa is a reporter for Metaverse Post. She focuses on everything related to investing, AI, metaverse, and Web3. Alisa holds a degree in Art Business and her expertise lies in the fields of art and technology. She developed a passion for journalism through her work with VCs, notable cryptocurrency projects, and science writing. You can contact us at (email protected).
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