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Build on Bob has reached a total of $25M in funding after completing its BOB community sale. The offering of BOB tokens placed 2% of the total supply, raising $4.2M from 2,133 community buyers.
Build on Bob has raised funding from multiple sources, recently completing another community round.
‘The community sale was an important part of our pledge to transition BOB to community ownership. As the number 1 Bitcoin DeFi platform in terms of liquidity and users, we now have an aligned group of community protocol owners who, alongside tier 1 institutional funds, DeFi founders and leading BTC businesses, will be the driving force behind BOB’s mission to become the Gateway to Bitcoin DeFi, everywhere,’ said BOB Co-Founder Alexei Zamyatin.
The sale is more than another source of liquidity, and marks the project’s transition to community ownership. Until recently, BOB reported mostly seed and strategic rounds from VC funds.
The project has set aside a significant part of the BOB supply to community-building and is now preparing for the token generation event.
Build on Bob expands its community through the BOB token sale
The sale is starting to distribute the community allocation, but Build on Bob still has significant holdings from VC backers and early contributors.
Build on Bob has already locked multiple funding rounds | Source: CryptorankThe sale was conducted through Coin List and a launchpad event on the Gate exchange. The event was organized by BOB Labs and was entirely community-focused for broad distribution.
Participants were offered to buy BOB at fully diluted valuations, with a $165M notional value community member sale, and a larger public sale for $230M notional value, based on the expected FDV of BOB.
The BOB received will be 50% unlocked on day 1 after the TGE, and the rest will unlock via linear vesting for the following three months. In the meantime, the team and VC backers will vest over 3 years after the date of the TGE, with a 12-month cliff unlock.
BOB aims to unlock Bitcoin-based DeFi
Build on Bob has a mission of reviving the value of idle BTC, potentially tapping up to $700B in Bitcoin-based DeFi. The platform aims to increase the percentage of BTC used in true BTC-based DeFi, from just 0.3% of the supply to around 30% of the supply, as in the case of Ethereum.
It has already achieved some of the necessary technical milestones for becoming a BTC-based DeFi hub. As of November, Build on Bob carries over $176M in value locked, up from $93M just a day ago. Most of the growth came from the expanded liquidity in the Pell Network DeFi app.
Build on Bob still functions as an Ethereum-based L2, using the optimistic rollup technology. The chain reports $243M in value secured, based on L2Beat data. The platform also offers Bitcoin intents, meaning users may move BTC as a multi-chain asset.
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