BOB
Overview
Status
Mainnet
Type
Alt. Rollup
Fee Token
ETH
BTC Supply
₿0
BOB prioritizes use cases for BTC-backed assets and is looking to derive more security from bitcoin over time. The network is an alternative rollup. It uses an alternative network for data availability and consensus. It supports a variety of BTC-backed assets.
CUSTODY
DATA AVAILABILITY
OPERATORS
FINALITY ASSURANCE
Trust Assumption Review
BTC Custody
Very High
🛑
Threshold tBTC
BTC users trust that tBTC will remain backed on Ethereum, and that the BOB bridge will not steal their funds
tBTC's peg with bitcoin is managed by the Threshold Network, a distributed but permissioned two-way peg. tBTC is minted on Ethereum and then bridged to the network via a custom bridge implementation.
In Bob, tBTC is minted via its official bridge. Users trust the proposer to not publish a malicious, unchallenged state transition. If a centralized party does not contest this state transition within a given time frame, all funds from the bridge can be stolen.
A centralized admin can create a malicious smart contract upgrade. In the event of a malicious smart contract upgrade, there is no exit window for users. This means that the admin behind the bridge can steal all funds in the official bridge.
In Bob, tBTC is minted via its official bridge. Users trust the proposer to not publish a malicious, unchallenged state transition. If a centralized party does not contest this state transition within a given time frame, all funds from the bridge can be stolen.
A centralized admin can create a malicious smart contract upgrade. In the event of a malicious smart contract upgrade, there is no exit window for users. This means that the admin behind the bridge can steal all funds in the official bridge.
Data Availability
Medium
⚠️
Data is stored and made available by Ethereum full nodes
The data for network's state is made available by Ethereum full nodes. Anyone can run an Ethereum node and verify the state of the network.
Network Operators
High
🚨
BOB blocks are produced and proposed by a centralized operator, but forced inclusion to Ethereum L1 possible
The network's sequencer is managed by one entity. The sequencer can censor transactions and can also cause liveness failures if it goes down. Users can bypass the sequencer and force include their transaction to be included in an upcoming sequence.
Finality Guarantees
Very High
🛑
BOB state transitions finalize on Ethereum, but proposer role is whitelisted
The network's state is updated offchain. State transitions are ultimately considered finalized on its parent chain. Only a single, whitelisted validator is able to publish state updates to the parent chain. If this validator goes offline, then users of the network would be unable to update state relative to its official bridge and permit exits.
A malicious validator could publish a malicious state transition and steal funds from the bridge on the parent chain.
A malicious validator could publish a malicious state transition and steal funds from the bridge on the parent chain.
Bitcoin Security
BOB does not inherit any security from Bitcoin
In its current state, the network does not inherit security from Bitcoin.
ETH token used to pay fees
Fees to network operators are paid in an alternative token.
No MEV introduced to Bitcoin
The network does not introduce any MEV on the Bitcoin L1. Users trust the sequencer to not reorder their transactions to extract MEV.
BOB does not contribute to the security budget
The network does not currently contribute to the Bitcoin security budget.
🚨 Project is not a sidesystem
This project will be moved to the Alternative category
Projects that do not meet our requirements to be considered a sidesystem will be moved to the Alternative category. They have until June 30th to implement the technical requirements to be considered a sidesystem.
Withdrawals
Proposer role centralized and permissioned. BTC users trust network operators to include their withdrawal requests in a block. Asset redemption varies dependent on the asset issuer
Withdrawing BTC-backed assets from the network depends on a variety of factors. First, users must trust the network operators to include their withdrawal request in a block. If the user's assets are locked in the network's official bridge program, they rely on a proposer to include their request in proposed state transition. After the state transition is finalized, the user can redeem their funds.
If a user's BTC-backed asset is minted directly onto the network, then the user's withdrawal request must be processed by the asset issuer.
If a user's BTC-backed asset is minted directly onto the network, then the user's withdrawal request must be processed by the asset issuer.
Technology
Ethereum Virtual Machine
The network uses an EVM-compatible virtual machine. The Ethereum Virtual Machine is software responsible for smart contract execution for a number of blockchains, namely the Ethereum Network. It uses Solidity/Vyper as its code and is the dominant environment for smart contract execution in the cryptocurrency ecosystem.
Use Cases
Onchain applications
Onchain applications are supported. Onchain applications including borrowing and lending protocols, onchain exchanges (commonly referred to as decentralized exchanges), and more. These applications are supported with more expressive smart contract environments.
Source Code
Under review
We are reviewing if BOB's node software is open-source.
Knowledge Bits
Learn more
This document outlines the privileged roles who play a role in managing various components of the BOB chain
A risk review of the OP Mainnet chain on Ethereum, which has similar trust assumptions as the BOB chain as BOB is built on the OP Stack
A blog covering R&D areas related to Bitcoin security on BOB.
BOB's TVL breakdown, including total BTC locked.
A risk review of the OP Mainnet chain on Ethereum, which has similar trust assumptions as the BOB chain as BOB is built on the OP Stack
A blog covering R&D areas related to Bitcoin security on BOB.
BOB's TVL breakdown, including total BTC locked.