BOB is tokenizing yield positions across chains and bringing them to bitcoin holders through Ethereum.

<div><div>Welcome back to the Optimism Weekly Overview.We’re creating the best place for the community to get up to speed on the chain’s latest updates, metrics and releases as well as the Superchain ecosystem developments, insights and more – all in one place.New here? Subscribe to get updates to your inbox. Every Tuesday.<h3>Superchain Ecosystem Numbers</h3><ul><li>DeFi total value locked (TVL) across Superchain: $3.8B (-2.56%)<ul><li>Assets onchain: $15.4B (-8.87%)</li></ul></li><li>Daily average transaction volume: 12M (+4.35%)<ul><li>Base: 7.2M (-5.26%)</li><li>Celo: 1.1M</li><li>Soneium: 973.5K (-25.11%)</li><li>OP Mainnet: 953.8K (+3.06%)</li><li>World: 523.5K (-16.78%)</li></ul></li><li><a href="https://dune.com/oplabspbc/developer-metrics-sploring#revenue-generating-developers-metric-v2">Revenue-generating deployers on</a>:<ul><li>Zora: 127 (+1.6%)</li><li>OP Mainnet: 2,045 (+61.92%)</li></ul></li><li><a href="https://dune.com/queries/3594625/6056228?end_date_d83555=2024-07-02+00%3A00%3A00&amp;start_date_d83555=2024-06-25+00%3A00%3A00">Superchain transaction fee total savings vs L1s</a>:<ul><li>OP Mainnet: 4,498 ETH</li><li>Base: 27,551 ETH</li><li>Zora: 30 ETH</li><li>Compared to Ethereum, L2 Superchain users saved a total of 32.1K ETH, or $52.07M on txn fees this week.</li></ul></li></ul>The percentages and metrics are pulled from the <a href="https://docs.google.com/spreadsheets/d/1f-uIW_PzlGQ_XFAmsf9FYiUf0N9l_nePwDVrw0D5MXY/edit?gid=915250487#gid=915250487">Superchain Health Dashboard</a> and are calculated from its change over a 14-day time frame, unless noted otherwise.<h3>Spotlight on Optimism’s Superchain</h3>Highlighting some of the biggest updates on Optimism’s Superchain this week.🔴What's happening: Build on Bitcoin (BOB) <a href="https://blog.gobob.xyz/posts/bob-launches-hybrid-btc-yield-products-ushering-in-a-new-era-of-bitcoin-defi">launched</a> a hybrid bitcoin yield products, creating a multi-chain Bitcoin yield layer that allows users to deposit bitcoin and earn yields from other blockchains.🔴Why it matters: Bitcoin's massive<a href="https://coinmarketcap.com/currencies/bitcoin/"> $1.67 trillion market cap</a> has largely remained on the sidelines with only 0.3% being used in DeFi compared to Ethereum at 30%. BOB is tokenizing yield positions across chains and bringing them to bitcoin holders through Ethereum. The network also plans to add BNB, Solana, MOVE, Berachain, and more ecosystems.These cross-chain yield positions are tokenized on BOB as Yield-Bearing Assets (YBAs). In turn, these can be used in BOB's DeFi ecosystem to create leveraged positions, borrow stablecoins, or explore other yield strategies.BOB uses a “Hybrid L2” model to make sure "the network, the bridges and all transactions” are secured through Bitcoin. This gives users access to alternative yields with the assurance of Bitcoin finality on its upcoming BOB mainnet. This helps users to put their bitcoin to work without relying on centralized custody models or risky bridges.Its first product, HybridBTC.pendle vault, was built in partnership with Veda and allows users to earn yield on Ethereum. It then returns it to users on BOB in the form of BTC. This turns idle bitcoin into yield-generating assets, offering options beyond being a store of value.🔴What it means for the broader ecosystem: In the long term, BOB can position itself as a foundational layer for access to BTC liquidity across the Superchain. The platform creates another bridge between bitcoin’s liquidity and emerging DeFi ecosystems.This infrastructure could also eventually connect to major centralized exchanges like Kraken and Coinbase via their respective Superchain chains, Ink and Base. This would enable major DeFi players and Superchain participants to tap into its yield generation.Ultimately, BOB can help unlock this asset on top of the Superchain’s native interoperability, bringing bitcoin’s liquidity to its unified ecosystem.<h3>What’s poppin’ on the Superchain</h3><ul><li>Total <a href="https://www.growthepie.xyz/">number of weekly active addresses</a> by chain:<ul><li>Base: 5.9M</li><li>Celo: 643.16K</li><li>Soneium: 567.31K</li><li>OP Mainnet: 384.97K</li><li>Ink: 187.37K</li></ul></li></ul><ul><li>Mode<a href="https://trade.mode.network/perp/PERP_ETH_USDC">launched</a> Mode Trade, a perpetual futures trading platform using AI and predictive data</li><li>Explore Ink's verification system,<a href="https://t.co/JeIIOGR3BE"> Kraken Verify</a>, offering zero gas onchain identity verification with rewards for users</li><li>RollDex, a BitVM-powered perp DEX is <a href="https://x.com/Rolldex_io/status/1909456920140022093">live</a> on Base with BTCfi focus</li><li>Tune into the latest Base ecosystem developments with the weekly Builder Friday <a href="https://x.com/i/broadcasts/1dRKZYVAAyQxB">livestream</a></li><li>Check outUnichain's<a href="https://uniswapfoundation.mirror.xyz/Z8BJrBJwZSHhcws86pqa6KJqoASN1vIMjO7Ysybwk_E">April Retro Grant winners</a> including GhostGraph, Gamma, SuperUI and Dailofrog for their ecosystem contributions</li></ul><h3>From the Optimism Collective</h3>Highlighting the companies, communities and citizens bound to the Optimism Collective.<ul><li>Learn about the <a href="https://gov.optimism.io/t/season-8-9-budget-board-charter/9818">Budget Board Charter</a> for Seasons 8 and 9 that looks to establish a financial infrastructure for the Governance Fund and Retro Funding initiatives</li><li>Check out Retro Funding's<a href="https://x.com/Optimism/status/1910041861043155319"> latest distribution</a> awarding up to 1M OP tokens to open-source builders in April</li><li>Explore the<a href="https://x.com/Optimism/status/1910437585648050211">results of Optimism's Futarchy</a> experiment to see how prediction markets might shape future DAO governance</li><li>ICYMI: Watch the recent update on <a href="https://x.com/i/broadcasts/1YqKDZVRMMkJV">Farcaster Mini Apps</a> with new docs and Ohara partnership</li></ul>For more Optimism Collective weekly updates, look here.<h3>Get into the OP Stack</h3>Want to dive into the ecosystem full-time? Find the <a href="https://jobs.optimism.io/jobs">latest job postings here</a> or get involved at an event below.<ul><li><a href="https://t.co/1xMQlkwvT9">Apply</a> by April 30 for Base's MVP Hackathon to compete for $500k in funding and Alliance accelerator placement</li><li><a href="https://soneium.hackerearth.com">Join</a> The Agent Hackathon on Soneium and compete for dev bounties across AI and DeFi</li><li><a href="https://live.world.org">Watch</a> the World live update with Alex Blania and Sam Altman in San Francisco on April 30</li></ul>To get this newsletter delivered to your inbox every Tuesday. Subscribe here.This product was built by <a href="https://www.token-relations.com/">Token Relations</a>.This information is for entertainment purposes only. It should not be considered financial advice, nor should it be used to make investment decisions. Cryptocurrencies are high risk and you should consult a financial professional before making any financial decisions. Make sure you do your own research.</div></div>

Bitcoin yield on Ethereum expands further with BOB’s hybrid BTC vaults