What is BUILDon (B)

The Rise of BUILDon,$b: Bridging Web3 and Bitcoin With Innovative Solutions

As the crypto landscape continues to evolve, a new project has emerged that aims to redefine the relationship between Bitcoin and decentralized finance (DeFi). BUILDon,$b is a pioneering hybrid Layer-2 network designed to merge the robust security of Bitcoin with the versatile functionalities of Ethereum’s DeFi framework. By bringing together the strengths of both ecosystems, BUILDon,$b is set to facilitate the development of innovative decentralized applications (dApps) that enhance user engagement and financial opportunities in the digital economy. This article delves into the essence of BUILDon,$b, exploring its goals, technological innovations, leadership, investor backing, and significant milestones in its journey.

What is BUILDon,$b?

BUILDon,$b represents a hybrid Layer-2 blockchain solution that leverages the security framework of Bitcoin while utilizing the Ethereum Virtual Machine (EVM) compatibility to facilitate dApp development. Positioned as an optimistic rollup, this project’s main ambition is to provide a seamless environment where developers can capitalize on the strengths of both Bitcoin's liquidity and Ethereum's smart contract capabilities.

The core mission of BUILDon,$b is multifaceted: it aims to enhance access to Bitcoin-centric DeFi applications, alleviating the existing hurdles posed by Bitcoin’s native scripting limitations. Through its architecture, BUILDon,$b allows developers to create and deploy Solidity-based smart contracts driving new financial products that can interface directly with Bitcoin assets like Ordinals and BRC-20 tokens. This unique interoperability seeks to make Bitcoin a crucial player in the DeFi sphere, moving beyond its traditional role as merely a store of value.

The Visionaries Behind BUILDon,$b

The masterminds behind BUILDon,$b are Alexei Zamyatin and Dominik Harz, both veterans in the blockchain domain with a shared vision of bridging the historical rift between Bitcoin and Ethereum communities. Zamyatin, leading as CEO, has previously contributed significantly to Bitcoin scaling research, while Harz capitalizes on his expertise in Ethereum's Layer-2 environments. Their collaborative goal focuses on harnessing the potential of both ecosystems to unlock unprecedented value for Bitcoin users, enabling innovative financial applications previously thought impossible due to inter-chain limitations.

Investment Backbone of BUILDon,$b

BUILDon,$b has garnered attention from a range of strategic investors, reflecting growing confidence in its potential to redefine the DeFi landscape. In March 2024, the project successfully raised $10 million in a seed funding round, led by a prominent venture firm. This initial funding attracted notable participation from other investment groups focused on blockchain innovation, marking the beginning of a pivotal funding journey for the project.

Subsequently, in July 2024, BUILDon,$b secured an additional $1.6 million through a strategic funding round, aimed at nurturing Bitcoin infrastructure startups and expanding its incubator program to catalyse growth in the surrounding ecosystem. The robust backing from this varied investor group represents an endorsement of BUILDon,$b's vision and operational strategy to amalgamate Bitcoin's significant market capitalisation with the dynamic opportunities presented by DeFi applications.

Unique Mechanisms and Technological Advances

Phase 1: Initial Ethereum L2 Integration

To achieve its ambitious objectives, BUILDon,$b employs an Ethereum Layer-2 framework in its first phase, utilizing the OP Stack for adept transaction processing. This strategy grants initial access to Ethereum’s rich ecosystem, facilitating the integration of third-party Bitcoin bridges which allow users to interact seamlessly with Bitcoin while benefiting from Ethereum’s advanced tooling and liquidity benefits.

Phase 2: Bitcoin “Soft” Finality

The second phase of BUILDon,$b introduces a revolutionary approach to ensure Bitcoin finality. This innovative model employs a hybrid consensus mechanism through which validators confirm the state transitions of BUILDon,$b. This reduces the traditional withdrawal period from Ethereum’s seven-day challenge window down to mere hours, enabling a more agile user experience whilst preserving compatibility with Ethereum’s security protocols.

Phase 3: Achieving Full Bitcoin Security

In its final envisaged phase, BUILDon,$b aspires to directly post state transition proofs on Bitcoin’s blockchain to attain Bitcoin-level security. This ambitious goal entails overcoming inherent data availability constraints associated with Bitcoin’s architecture, innovation that will hinge on the project’s ongoing scalability and transaction throughput challenges.

A Timeline of Key Milestones

Recognising the significance of timelines in assessing the progression of any project, here is a summary of the vital events in the history of BUILDon,$b:

2023

• Q4: Conceptualisation of BUILDon,$b with a determined focus on hybrid L2 technology aimed at bridging the gap between Bitcoin and Ethereum ecosystems.

2024

• March: Secured $10 million in seed funding, a pivotal moment signalling investor confidence in the project.
• April: Announced a delay in its mainnet launch to May 1 for further security audits to ensure robustness.
• May: Mainnet launch executed successfully, registering an impressive $80 million in Total Value Locked (TVL) alongside over 40 dApps being operational.
• July: Additional $1.6 million raised during a strategic funding round, earmarked for expanding incubator programs and supporting emerging Bitcoin-centric startups.
• September: Launched Season 2 of the Fusion points program which achieved a remarkable $135 million in TVL, highlighting the project’s growing traction.

Looking Ahead: The Future of BUILDon,$b

The strategic positioning of BUILDon,$b addresses a crucial need in the cryptocurrency ecosystem by empowering Bitcoin holders to engage in DeFi without relinquishing control over their assets. Through its innovative Gateway protocol, BUILDon,$b aims to simplify the complex process of transforming Bitcoin into yield-generating currencies, appealing especially to institutional investors seeking compliant ways to leverage their Bitcoin investments.

The success of BUILDon,$b will depend on its ability to not only navigate the technical challenges inherent in Bitcoin’s architecture but also foster widespread adoption among developers and users. If executed with precision, BUILDon,$b could potentially catalyse a shift in how Bitcoin is perceived within the broader multi-chain DeFi ecosystem, raising the prospects for blockchain innovation to new heights.

Conclusion

In summary, BUILDon,$b is at the forefront of a transformative wave in the cryptocurrency space where the synergies between Bitcoin and Ethereum are actively explored and expanded. As it progresses through its outlined phases, supported by seasoned leadership and investor backing, BUILDon,$b represents a promising avenue toward a more interconnected and functional crypto ecosystem, paving the way for new applications and financial paradigms. This ambitious project encapsulates the essence of Web3: unlocking the power of decentralization through collaboration, innovation, and financial inclusion.