Bitcoin DeFi Takes Off As Interlay Launches BOB, The First EVM-Compatible Layer 2 Network
Portfolio Pulse from Murtuza Merchant
Interlay has launched the Minimum Viable Product (MVP) for its Build on Bitcoin (BOB) solution, a Bitcoin Layer 2 network. The network is compatible with native Bitcoin libraries and the Ethereum Virtual Machine (EVM), making it a prime platform for developing decentralized applications. The inaugural application on BOB's MVP facilitates the trustless access of cross-chain assets like Ethereum, Dai, and USD Coin on Bitcoin. The full release will offer enhanced interoperability with Ethereum, a cutting-edge Bitcoin peg mechanism, and advanced Bitcoin rollup mechanics.
August 30, 2023 | 9:19 pm
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POSITIVE IMPACT
The launch of Interlay's BOB solution could increase the utility and demand for Bitcoin, potentially driving its price up.
The launch of a new Layer 2 network that facilitates the development of decentralized applications on Bitcoin could increase the demand for Bitcoin, potentially driving its price up.
CONFIDENCE 75
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
The ability to access Dai on Bitcoin through BOB could increase the demand for Dai, potentially driving its price up.
The ability to access Dai on Bitcoin through BOB could increase the demand for Dai as it becomes more accessible to Bitcoin users.
CONFIDENCE 65
IMPORTANCE 60
RELEVANCE 60
POSITIVE IMPACT
The ability to access USD Coin on Bitcoin through BOB could increase the demand for USD Coin, potentially driving its price up.
The ability to access USD Coin on Bitcoin through BOB could increase the demand for USD Coin as it becomes more accessible to Bitcoin users.
CONFIDENCE 65
IMPORTANCE 60
RELEVANCE 60
NEUTRAL IMPACT
BOB's compatibility with the Ethereum Virtual Machine could increase the interoperability between Bitcoin and Ethereum, potentially affecting Ethereum's price.
The impact on Ethereum's price is uncertain as increased interoperability could either increase demand for Ethereum or decrease it if users prefer to use Bitcoin for decentralized applications.
CONFIDENCE 70
IMPORTANCE 70
RELEVANCE 80