Build on Bitcoin joins the Superchain ecosystem to bridge Bitcoin and Ethereum DeFi

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5 Nov 2024

Introduction
Build on Bitcoin joins the Superchain ecosystem to bridge Bitcoin and Ethereum DeFi

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.

Spotlight on Optimism’s Superchain

Highlighting some of the biggest updates on Optimism’s Superchain this week.

🔴 What’s happening: Build on Bitcoin (BOB), a Bitcoin layer-2 network built using the OP Stack, announced it will join the Superchain ecosystem.

🔴 Why it matters: BOB’s model looks to combine bitcoin’s storage of value with Ethereum’s scalability to address the limitations that developers have been facing. One of Bitcoin’s strongest elements is the security the asset and network provides, but it comes with a tradeoff. The blockchain is known for having suboptimal tools that impede developers who want to build on top of Bitcoin.

BOB looks to combat this issue by utilizing the OP Stack and scale Bitcoin in a different way. Its expansion to the Superchain ecosystem hopes to provide bitcoin holders access to Ethereum-like decentralized finance (DeFi) applications. In turn, this can broaden the capabilities of what the Superchain ecosystem can support, and help fuel Bitcoin-based DeFi applications.

Bitcoin’s market cap is over $1 trillion, but has limited options for users to tap into that liquidity to use for DeFi needs. BOB’s main utility is to provide users with access to DeFi applications while maintaining exposure to bitcoin through liquid staking tokens and smart accounts.

The network also will offer user-friendly features like one-click bitcoin staking and social recovery in hopes of lowering the barrier for bitcoin users who want to engage with DeFi applications. Joining the Superchain ecosystem also provides the potential to expose bitcoin users to its decentralized ecosystem and can help support developers.

The general user experience and interfaces on Bitcoin today are behind, yet “moving fast” to catch up with other ecosystems, Alexei Zamyatin, co-founder of Build on Bitcoin, said on Talking Tokens podcast last month. BoB’s mission is to take existing and untapped innovations across crypto and make them possible on Bitcoin, Zamyatin added.

🔴 What it means for the broader ecosystem: Since BOB joined the Superchain ecosystem, it will contribute towards Optimism Collective’s revenue. This revenue then goes back to funding open source development and other improvements to the network, benefitting builders and users alike. This economic model can provide the Superchain ecosystem the ability to scale Ethereum’s tech, via the OP Stack, and its values as a self-sustaining network.

BOB’s announcement to join the Superchain ecosystem signals a major step toward advancing Bitcoin-based financial applications. BOB could progress the broader BTC DeFi sector by addressing scalability and usability challenges, while reducing reliance on centralized platforms.

Superchain Ecosystem Numbers

DeFi total value locked (TVL) across Superchain: $3.4B (+6.58%)
- Assets onchain: $14B (-0.57%)
Daily average transaction volume: 8.6M (+8.72%)
- Base: 6.4M (+12.08%)
- OP Mainnet: 755.6K (-8%)
- World Chain: 481.2K (+6.15%)
- Kroma: 216.9K (6.97%)
- Mint: 175.1K (+75.66%)
Revenue-generating deployers on:
- Base: 5,312 (+14.93%)
- Zora: 168 (-9.68%)
- OP Mainnet: 1,201 (+5.17%)
- Superchains: 6,041 (+13.53%)
Superchain transaction fee total savings vs L1s:
- OP Mainnet: 18,564 ETH
- Base: 77,118 ETH
- Zora: 3,268 ETH
- Compared to Ethereum, L2 Superchain users saved a total of 98.95K ETH, or $24.38M on txn fees this week.

The percentages and metrics are pulled from the Superchain Health Dashboard and are calculated from its change over a 7-day time frame, unless noted otherwise.

What’s poppin’ on the Superchain

👤Total number of weekly active addresses by chain:

Base: 5.56M
OP Mainnet: 384K
Zora: 163.32K
Mode Network: 15K
Optimism announced it will support ERC-7683 to bring cross-chain interactions to the Superchain and to unify liquidity across Ethereum L2s
Superseed, an L2 designed to reward its holders through an auction method, integrated Velodrome to bring its Superchain-centric marketplace to the chain
Base shipped fault proofs to its mainnet, marking its next step toward Stage 1 decentralization
The Base network also hit new all-time highs (shown below):
- $3.3B in TVL on Oct. 30
- 7.05M txns on Oct. 29 and Oct. 31