Financing Project Decrypted: Can Hybrid L2 BOB, which combines Bitcoin network security and Ethereum compatibility, fully unleash the financialization potential of Bitcoin network ecosystem assets by leveraging the BitVM cross-chain verification mechanism?

How to Explore Web3 Frontiers? Web3Caff Research will carefully screen and interpret the latest publicly disclosed Web3 financing projects for you. Looking beyond the surface to understand the essence - immediately follow us to sense market trends. **Author:** ShirleyLi, Web3Caff Research Researcher **Cover:** Logo from this project, Typography by Web3Caff Research **Word Count:** Over 3600 words According to the official disclosure, on August 7, Hybrid Layer2 BOB completed a $9.5 million financing round. This round was invested by Castle Island Ventures, Ledger Cathay Capital, RockawayX, Asymmetric, Hypersphere, IOSG Ventures, Bankless Ventures, Sigil/Zeeprime, and others. For a long time, how to implement smart contract functionality on the Bitcoin chain without compromising its native security and releasing the liquidity of Bitcoin network assets has been a topic of great concern for developers. Although developers have tried various paths to solve the programmability problem of the Bitcoin network, such as mapping assets on the mainnet through asset wrapping or running contracts through sidechains or L2, developers have faced issues like security vulnerabilities in cross-chain bridges and high development difficulty and slow progress of sidechains or L2, making the process of releasing Bitcoin network asset liquidity far from smooth. To this end, BOB (Build on Bitcoin), which recently announced financing, is committed to creating an asset financialization layer that can cross all mainstream chains by integrating the security of the Bitcoin network and the advantages of financial scenarios on Ethereum. In fact, as early as March 28 last year, BOB had completed a $10 million financing round led by Castle Island Ventures, which Web3Caff Research also commented on. The author will quote part of the content to briefly explain BOB's design philosophy: