Angelina julie

В постоянно расширяющейся вселенной блокчейна немногие имена имеют такую же весомость, как Биткойн и Эфириум — два мира, которые представляют собой противостоящие философии, но разделяют одну и ту же мечту: децентрализовать ценность и доверие.


Биткойн дал нам цифровое золото — чистую безопасность, незыблемую истину.
Эфириум дал нам программируемые деньги: креативность, гибкость, безграничные возможности.
Но что если есть способ объединить оба?

Объединить неизменную безопасность Биткойна с безграничной инновацией Эфириума?
Вот суть Hemi — модульный протокол второго уровня, созданный для объединения двух самых мощных сил в криптовалюте в одну бесшовную, безопасную и масштабируемую экосистему.

В быстро меняющемся мире блокчейн-innovations индустрия постоянно возвращается к трем критическим вопросам: масштабируемость, безопасность и совместимость. Каждая крупная сеть достигла значительного прогресса в одной или двух из этих областей, но немногие смогли достичь истинного баланса между всеми тремя.

Вот где Hemi, модульный протокол второго уровня, вступает в игру, стремясь объединить лучшие качества Биткойна и Эфириума под одной совместимой крышей.
🔸 Единое Видение для Масштабируемости Web3

Архитектура Hemi разработана с целью преодоления ограничений традиционных фреймворков второго уровня. Вместо того чтобы просто масштабировать одну блокчейн-сеть, Hemi предоставляет многосетевую среду, где активы, данные и смарт-контракты могут свободно перемещаться между экосистемами.

Давайте сделаем шаг назад и контекстуализируем, что означает рост Morpho в более широком нарративе Web3 и децентрализованных финансов. Поскольку кредитование/заимствование является одной из тех "основных частей инфраструктуры" — история Morpho может отражать более глубокий сдвиг в том, как кредит строится в цепочке.
Кредит как инфраструктура

В ранние дни Web3 ликвидность, торговля, токены и майнинг привлекали внимание. Кредитование и заимствование по сути были вариациями на тему "объедини свои токены, получи доход / заимствуй под залог". Это полезно, но немного примитивно, когда вы начинаете сравнивать с "реальным миром" финансов.

В первые дни кредитования DeFi большая часть обсуждений вращалась вокруг известных протоколов, где вы могли вносить залог, занимать, одалживать, заниматься фармингом дохода. Но за кулисами несколько протоколов начали переосмыслять инфраструктуру: что если кредитование не просто "пул A одалживает пулу B", а может стать более индивидуальным, более контролируемым, более настраиваемым? Войдите в Morpho.
От уровня оптимизации до полного протокола

Morpho начался как некий уровень оптимизации для существующих кредитных пулов и увеличения капиталоемкости путем сопоставления кредиторов и заемщиков напрямую. Но этот подход имел свои ограничения, и команда это признала. Как они сами написали: "две фундаментальные ограничения стали очевидны: потолок роста (мы могли быть только такими большими, как позволяют основные протоколы) и фундаментальные пробелы (основные протоколы не были разработаны для того типа открытой, гибкой инфраструктуры, которую мы имели в виду)."

Когда вы слышите «Уровень 2», вы обычно думаете о масштабировании Ethereum. Но что если игра больше, что если один протокол охватывает как BTC, так и ETH таким образом, что превращает Биткойн из «средства хранения стоимости» в «программируемый капитал»? Это основное обещание HEMI (или более полно, Hemi Labs и его сеть).

Давайте пройдемся по тому, где он находится, что нового и почему вам это должно быть интересно на простом человеческом языке.
Установка сцены

HEMI Networks представляет собой модульную сеть уровня 2, построенную для объединения Биткойна и Эфириума в одной «суперсети». Идея: вместо того чтобы рассматривать экосистемы BTC и ETH как отдельные силосы, HEMI рассматривает их как компоненты, которые могут общаться друг с другом, делиться ценностью, делиться безопасностью и позволять создавать новые виды приложений.

В мире, где DeFi часто кажется слишком громким и недостаточно полезным, платформы, которые тихо строят инфраструктуру, как правило, имеют наибольшую устойчивость. Вступайте в Morpho Labs, протокол, который я следил, потому что он находится на пересечении доходности, кредита и масштабирования финансов Web3.

В этой статье я расскажу вам, что заставляет его работать, как он показывает себя в последнее время и на что стоит обратить внимание.
Основы: как работает Morpho

На базовом уровне Morpho предлагает кредитование и заем криптоактивов (ERC-20 & ERC-4626) на цепочках EVM.

В мире децентрализованных финансов (DeFi) легко стать просто еще одним пулом. Но что меня поражает в Morpho, так это то, как он пытается переписать правила кредитования — не просто накладываясь на существующие системы, а пытаясь изменить архитектуру того, как функционируют кредитные рынки в Web3.

Позвольте мне провести вас через то, с чего начался Morpho, что он делает сейчас и почему последние обновления делают изменения ощутимыми.
Происхождение и ценностное предложение

В своей основе Morpho — это некустодиальный, безразрешительный кредитный протокол, созданный для EVM-цепей (Ethereum и совместимых).

A. Установка сцены: Web3 за пределами спекуляций
В первые дни Web3 доминировали протоколы DeFi, построенные на Ethereum или других цепочках. Фермерство доходов, ликвидные пулы, спекулятивные токены. Но мы сейчас входим в волну, где инфраструктура, реальные активы, институциональное участие и массовые приложения имеют большее значение. Проекты, которые могут сочетать удобство, регулирование, глубокую ликвидность и токенизированные финансы, — это те, за которыми стоит следить.

В этом ландшафте BounceBit является одной из более амбициозных инициатив: не просто протокол DeFi, но и полноценная экосистема с ориентацией на разработчиков, повторное стекинг, токенизацию и приложения для сообщества.

Intro

The narrative around Web3 and DeFi has matured. Gone are the purely speculative days of yield-farming with high APYs and little substance. A new chapter is being written—one where institutional-grade frameworks, real-world assets (RWAs), regulated custody, and programmable blockchains converge. Enter BounceBit (BB), which aims to bridge Web3 and Wall Street by repositioning Bitcoin as a foundational asset in a new CeDeFi ecosystem.

In this article, we dig into how BounceBit is carving out this hybrid layer-1 strategy, how it fits into the broader Web3 + layer2/1 landscape, and what its latest updates tell us about Web3’s evolving future.

The Broader Web3 & Layer2/Layer1 Landscape

To frame BounceBit’s strategy, it’s useful to look at the macro context:

The explosion of DeFi on Ethereum, Solana and other chains has shown the possibilities of programmable finance—but most DeFi uses assets native to those chains, or wrapped versions of Bitcoin at best.

Bitcoin remains dominant in market cap, trust and liquidity—but its utility in DeFi has been limited. Historically, bitcoin holders have been holders, not active DeFi participants.

Layer 2 solutions for Bitcoin (or chains anchored to Bitcoin) are being explored, aiming to bring scalability, programmability, and DeFi capabilities to Bitcoin’s ecosystem.

At the same time, Real-World Assets (RWAs)—tokenised stocks, bonds, Treasuries, real estate—are becoming a focus in Web3. Bringing TradFi assets on-chain means institutions may participate more easily.

The term CeDeFi emerges to describe platforms that combine institutional/regulatory compliance and DeFi programmable infrastructure.


Within this context, BounceBit positions itself as a Web3 infrastructure piece: a layer-1 chain that uses Bitcoin’s security and liquidity, but provides EVM compatibility and institutional tooling to attract both DeFi builders and TradFi capital.

BounceBit’s Unique Layer-1 Strategy

Here are the strategic pillars of BounceBit’s layer-1 approach:

1. Bitcoin as security anchor
By requiring validators to stake BTC (or equivalents) alongside its native token, BounceBit embeds Bitcoin’s liquidity and trust into its network. Rather than just wrapping BTC somewhere, the chain makes it foundational.


2. EVM Compatibility + Build-ability
Developers familiar with Ethereum tooling can build on BounceBit because it supports EVM. This lowers adoption friction, meaning protocols, dApps and tooling can migrate or extend.


3. CeDeFi infrastructure & institutional appeal
The interplay of regulated custody (e.g., via institutional partners), on-chain tokenised assets, structured yield strategies, KYC/AML capabilities all are designed to make institutional participants comfortable. For Web3 to scale beyond retail, this is key. For example, the BB Prime platform integrates a Franklin Templeton tokenised fund.


4. RWA integration
BounceBit isn’t just about crypto yield. It is bringing tokenised Treasuries, and planning tokenised equities, into the chain ecosystem. This integration of real-world, regulated assets into Web3 on-chain infrastructure is a major step.


5. Layer-1 rather than pure layer-2
Some Bitcoin-oriented projects aim to sit as layer 2s on Bitcoin; BounceBit takes a more independent chain approach (albeit anchored to BTC liquidity). This gives more flexibility (for smart contracts, yield strategies, cross-chain assets) at the cost of being less “pure” Bitcoin layer2. It’s basically a new chain, using Bitcoin as asset backing.

Latest Developments That Illustrate The Strategy

Some recent developments highlight how the strategy is progressing:

Integration with tokenised money-market fund: As noted, BounceBit launched BB Prime in partnership with Franklin Templeton’s BENJI fund (tokenised U.S. government fund) so that institutional users can deploy yield-generating assets on-chain. This signals the TradFi → Web3 pipeline is becoming operational.

Roadmap toward tokenised equities: By Q4 2025, BounceBit plans to support tokenised stock products from multiple global markets (U.S., Europe, Hong Kong, Japan), which would greatly expand the RWA scope and use cases.

Rebasing token standard and perpetual market integration: The launch of tokens like BBTC/BBETH that auto-accrue yield and serve as collateral, plus upgrades toward perpetual trading, signals that BounceBit is building more advanced DeFi financial primitives—not just simple staking.

Growing ecosystem metrics: With TVL (total value locked) across chains reportedly above ~$500 m and numerous yield strategies in operation, the traction is real (though gauging “real” substance vs hype always matters).


Implications for Web3, Layer2/1 and DeFi

The success of BounceBit (or failure) has implications for the broader Web3 + DeFi + layer2/1 ecosystem.

Proof that Bitcoin-centric DeFi is viable: If BounceBit works, it demonstrates that one of crypto’s biggest assets Bitcoin can migrate from passive to active via Web3 protocols. That’s a big expansion of what DeFi can do.

New on-chain infrastructure model: Rather than just building layer 2s on existing chains, the hybrid model (asset anchor + new chain + EVM compatibility + RWA integration) provides a blueprint for future infrastructure projects.

Institutional participation in DeFi deepens: By aligning with institutions and regulated funds, BounceBit helps bring TradFi capital on-chain. As Web3 aims to scale, that bridging becomes critical.

Layer2 vs Layer1 debate: Many focus on layer 2s (scaling existing chains). BounceBit being a layer1 means that some new chains might emerge not just as side-chains or roll-ups, but as full chains anchored by specific assets (in this case Bitcoin) but offering full smart contract rails.

Real-world assets (RWA) become mainstream in DeFi: For years RWA was a “buzz phrase.” Projects like BounceBit showing the pipeline (tokenised Treasuries, tokenised equities, institutional vaults) indicate we may be entering the “RWA-on-chain” era.


Challenges Ahead & Critical Questions

Liquidity and usage: Having TVL is one thing; having active dApps, users, liquidity, market‐making is another. Will BounceBit attract sufficient dev activity and user adoption to make the chain “alive”?

Regulation & legal risks: Tokenising stocks, bonds, Treasuries has regulatory complexity. Different jurisdictions have different laws. This could slow roll-out or increase compliance cost.

Token-supply discipline: With a large total supply and unlock schedules, BB must manage the market pressure. If many tokens hit the market without matched adoption, price pressure may follow.

Security and trust: The CeDeFi model uses custody and regulated services + on-chain smart contracts. Custody risk, bridging risk, smart contract risk all matter. The more complex the yield strategy, the more room for unseen risk.

Competitive intensity: Other chains and protocols are also targeting Bitcoin restaking, RWA, institutional yield. BounceBit must stay ahead in execution and differentiation.

Macro/crypto market risk: Even a well-built protocol suffers if crypto sentiment is down, yields vanish, or capital flees. The “yield” narrative is more fragile than ever.


What To Monitor

For someone tracking Web3/DeFi infrastructure, and specifically BounceBit, these signals are worth watching:

The live data on TVL across BounceBit chain, vaults, RWA-products.

Announcements of tokenised equities or other asset classes coming online.

Developer ecosystem growth: number of dApps launched, number of bridges, cross-chain integrations.

On-chain metrics: staking amounts (BTC + BB), validator activity, network security.

Token unlock schedule and repurchase/buy-back reports: how many tokens become liquid, what is the protocol doing to absorb or neutralise supply pressure.

Yield performance of vaults/strategies: are they sustainable, transparent, delivering returns without undue risk.

Regulatory/regime news: Are jurisdictions approving/denying tokenised assets? Do institutions sign up or drop out?

Competitive moves: What are other BTC-restaking or RWA-focused chains doing?


Conclusion

BounceBit is emblematic of a maturing Web3 ecosystem: one that blends decentralisation, institutional rigor, real-world assets and smart chains. Its strategy anchoring on Bitcoin, providing EVM compatibility, offering yield and institutional toolingvpositions it as a heavyweight contender in the next phase of DeFi infrastructure.

But vision alone isn’t enough. Execution, adoption, regulatory clarity, supply discipline and competitive positioning will determine whether BounceBit becomes a foundational piece of Web3’s architecture, or simply another ambitious chain fighting for attention.

For anyone interested in the intersections o
f DeFi, Web3 infrastructure and institutional finance, BounceBit is one of the projects to watch in the coming quarters.
@BounceBit #bouncebit $BB

Открывающие мысли
Если вы держали биткойн (BTC) в течение некоторого времени, вы, вероятно, почувствовали напряжение: "Да, я верю в ценность биткойна... но он просто лежит там, ничего не делая, кроме как надеясь на рост." Что если бы вы могли подключить свой BTC к чему-то, что приносит доход, участвует в новых сетях и является частью экосистемы Web3? Вот что BounceBit стремится предложить. В этой статье я расскажу о BounceBit с точки зрения пользователя, сообщества и реального опыта, а не только технической инфраструктуры.

Introduction

“Bitcoin, but productive.” That might serve as a motivational tagline for BounceBit. But beyond catchy slogans, BounceBit (BB) is attempting something ambitious: to turn BTC from a passive store of value into an active yield-generating asset, embedded in DeFi mechanisms.

In this article, I take a more narrative perspective: exploring the promise BounceBit offers, the skepticism it invites, how it fits into the crypto landscape, and what it might mean for the future of decentralized finance.
The Promise: Unlocking BTC’s Dormant Capital

Democratizing Yield Strategies

Many high-yield strategies in crypto like arbitrage, basis trading, volatility hedging are historically reserved for institutions with capital, infrastructure, and risk teams. BounceBit wants to democratize access. Through its CeDeFi architecture, even a smaller BTC holder could participate in advanced yield operations without directly executing them.

This shift could blur the line between institutional and retail access in DeFi, making advanced strategies more evenly accessible.

Bridging TradFi & DeFi

BounceBit’s ambitions go beyond crypto-native yield. It plans to incorporate real-world assets (RWAs) tokenized bonds, treasuries, credit instruments into yield frameworks. The idea: allow crypto capital to play in traditional financial markets, in a tokenized, composable way. This could be a bridge between legacy finance and crypto.

Enhanced Security & Alignment

By requiring both BTC and BB tokens for validator staking, the alignment is designed so that validators are strongly incentivized to act in the network’s interest. Theft or malfeasance would damage both sides of their stake. This dual alignment is a novel attempt to fuse security and incentive in a more resilient way.

Infrastructure Reuse & Developer Leverage

Since BounceBit is EVM-compatible, developers familiar with Ethereum tooling can build dApps that leverage BTC liquidity. Bridges, oracles, DeFi primitives can all plug into a chain where BTC is a first-class asset not merely an afterthought.
Skepticism & Critique

Any frontier project invites skepticism. Here are key critiques and cautionary points around BounceBit.

Custodial Risk vs. Decentralization

A core tension is that BTC assets are held in regulated custody (e.g., Mainnet Digital, Ceffu). While custody is transparent and segregated, it still introduces counterparty dependencies. Critics might argue that relying on centralized entities undermines the decentralization ethos.

Furthermore, if the custodian is compromised, the entire yield infrastructure could collapse, despite restaking mechanics.

Complexity & Over-Promise

The architecture is intricate: dual-token staking, off-chain execution reconciled on-chain, bridging, oracles, RWA integration, etc. With so many components, the attack surface and failure modes multiply.

Projects with complex models often struggle with execution governance delays, integration bugs, or liquidity issues can derail even high-potential systems.

Tokenomics & Market Risks

BB token economics are critical. Over-inflation, misaligned incentives, or large token vesting dumps could erode value. The more yield the protocol promises, the more careful it must be with inflation control, reward structure, and sustainable growth.

Market sentiment toward Bitcoin and DeFi cycles also matters. In a downturn, leveraged or yield-sensitive protocols can suffer disproportionately.

Competition & Copycat Risk

Others are exploring BTC yield generation, cross-chain yield, and restaking. BounceBit must establish a defensible moat — either via superior execution, infrastructure, partnerships, or network effects. If competitors replicate parts of its model (or do simpler versions), BounceBit’s unique value must hold.
How BounceBit Fits in the Crypto Landscape

BTC-Centric DeFi

Historically, most DeFi innovation has centered on Ethereum and EVM chains. BTC has been comparatively passive. BounceBit helps shift that — putting BTC at the core of new financial primitives, rather than as “wrapped” collateral.

In a crypto future where capital wants to flow more freely across chains, protocols like BounceBit that leverage the “king” asset (BTC) could command unique relevance.

CeFi + DeFi Hybrids

BounceBit is one of the more developed experiments in the CeDeFi space. Many protocols flirt with hybridity (combining centralized stability and decentralized flexibility). The success or failure of BounceBit may influence how boldly other projects adopt hybrid models.

Institutional Gateway

If institutions (hedge funds, family offices, traditional asset managers) can use BounceBit’s infrastructure to bring real-world assets or large volumes of capital into DeFi, analytics and product models could shift. BounceBit’s success might help tilt DeFi further toward institutional adoption.

Influence on Token Design

The dual-token, restaking, wrap + yield architecture of BounceBit could influence future token designs. Other chains might adopt multi-asset security models or layered staking mechanics to better integrate liquidity and incentives.
What BounceBit Must Nail

To fulfill its promise, BounceBit must execute well across several dimensions:

1. Security & Audits
Bridges, smart contracts, custody systems must be rigorously audited and stress-tested. Any exploit would be catastrophic.


2. Liquidity & User Adoption
It needs to attract BTC inflows, staking participants, and developers building on top network effects matter.


3. Sustainable Economics
Yield promises must balance inflation, rewards, and token value retention. Governance should have mechanisms to adjust if market dynamics change.


4. Interoperability & Reach
Smooth bridges, cross-chain compatibility, and integrations will expand reach. If assets can seamlessly move in/out, more users will trust using BTC via BounceBit.


5. Transparency & Governance
Especially because of its hybrid model, it must maintain high transparency (e.g. custody audits, yield reconciliation) and decentralized governance framing.


6. Partnerships & Institutional Credibility
RWA integration, regulatory alignment, and alliances with traditional financial players can strengthen credibility.
Possible Futures & Scenarios

Here are a few trajectories for how BounceBit might evolve:

Success & Core BTC-DeFi Hub
If everything goes right, BounceBit becomes a dominant BTC-based DeFi hub. Large portions of BTC are restaked, dApps build, RWA vaults grow — and BTC becomes an active yield asset across crypto.

Niche / Complementary Role
It may not dominate, but serves as a robust option for BTC yield among many other chains. It becomes a key tool in the broader DeFi toolbox without fully supplanting others.

Tech / Execution Failures
Bridges or contracts fail, custodial issues arise, or incentives misalign — leading to loss of confidence and capital flight. In that case, BounceBit may recede or pivot.

Regulation & Compliance Pressures
Because of its interface with custody, assets, and real-world integration, it may face more regulatory scrutiny. Depending on jurisdiction, constraints may emerge (e.g. KYC, securities classification).
Final Thoughts

BounceBit is a bold experiment: trying to bring Bitcoin wholly into the operational heart of DeFi rather than treating it as an external collateral. It holds the promise of making BTC productive, opening doors for new yield structures, and bridging institutional capital with the permissionless world.

Yet, the path is hard. The complexity, counterparty dependencies, token dynamics, and competition are real challenges. Only time and execution will tell whether BounceBit becomes a bedrock or a cautionary tale.

If you're exploring investing or building on it, it’s wise to keep a critical eye on audits, custodial transparency, inflation schedules, and adoption trends. But regardless of the outcome, BounceBit is already an important “what-if” in the narrative of DeFi’s evolution pushing boundaries of how we conceive of Bitcoin’s role in the decentralized financial system.
@BounceBit #bouncebit $BB