Partnering with BounceBit 🟡
Bringing Perpetual Trading to Native Bitcoiners
KTX Finance is proud to announce our partnership with BounceBit as we bring the first decentralized perpetual exchange to a native BTC ecosystem. This is a major step in our vision to expand to the most ambitious chains and establish a trading hub for these new users.
KTX is determined to bring our top-shelf trading experience to as many users as possible, now including the nascent DeFi ecosystem starting on BounceBit.
KTX’s unique gamified trading experience and our arsenal of yield-producing assets are a perfect fit for BounceBit’s BTC restaking infrastructure and their plethora of yield opportunities.
What is BounceBit?
BounceBit is building a BTC re-staking infrastructure that sits as the foundation for various other products. Instead of being one of many Bitcoin L2s, BounceBit is becoming a restaking Layer 1, empowering BTC holders to earn yield in a variety of ways.
As a POS (Proof-of-Stake) chain, BounceBit is secured by staking tokens but they do it with a dual token model. BounceBit’s validators are secured by staking BTC and BounceBit’s native token, giving them the security of BTC and the full composability that comes with EVM capability.
This is part of BounceBit’s core vision of Bitcoin’s infrastructure being asset-driven, bringing more intrinsic value to BTC with it’s new role in network validation.
BounceBit’s EVM capability allows for integration with wrapped BTC assets as well as native BTC. This means that users can deposit wBTC from Ethereum and BTCB from BNB chain and start their journey on BounceBit.
BounceBit takes BTC deposits from users and gives them a CeDeFi experience, combining the safety and battle-tested nature of CeFi, with the composability of DeFi. Deposited BTC is stored in custody, with users receiving a Liquid Custody Token (LCT) ala $BBTC in return.
Once $BBTC is received, users can subscribe to premium yield through a CeFi component via delta-neutral funding rate arbitrage. But its not all CeFi, as BounceBit has plenty of use cases on-chain for $BBTC like LPs, borrowing/lending, and more of the usual suspects.
If you stake $BBTC with a validator, you receive $stBBTC as an LST which can be put back to work in BounceBit’s various DeFi offerings, but most importantly can then be restaked to help secure Shared Security Clients like bridges and oracles.
This is the first time we’ll see BTC being used as a re-staking asset and a true integration into a chain’s security. With the restaking narrative taking hold of ETH DeFi, it’s not hard to wonder what will happen with his same narrative playing out for BTC on BounceBit.
Why BounceBit?
With the Halving come and gone, Bitcoin is back in the limelight as are L1s/L2s being built on top of Bitcoin. People are starting to warm up to the idea of BTC DeFi as an equally safe alternative to ETH DeFi. On top of that, the Halving is notorious for starting hefty bull market runs, which should draw more people to the BTC ecosystem.
The big difference between BTC and ETH DeFi is how new BTC DeFi is and how early we are in the grand scheme of things. This is why we believe it’s important to be ahead of the curve and deploy KTX Finance onto BounceBit.
BounceBit’s commitment to generating yield opportunities aligns with ours, and they’re helping lead the charge to activate BTC as a yield-generating asset. BounceBit is backed by Binance and are doing their TGE on Binance’s Megadrop platform. It’s a huge deal that they are the first project to be on this new Launchpad iteration and is a testament to the excitement that BounceBit brings to the table.
It’s important to us that KTX sits at the table with the most innovative chains and we like what BounceBit are doing very much. Too long has BTC sat idle, it’s time to watch the King get a chance at being a yield-bearing asset. BounceBit is ramping up quickly towards their Mainnet with TGE closeby on the horizon and it’s only just beginning.
Stay tuned for more on this development!
