Mind Network Partners with BounceBit to Amplify BTC Restaking Landscape
Mind Network has partnered strategically with BounceBit to pioneer advanced BTC restaking solutions. This collaboration aims to bolster the security and functionality of AI and Proof-of-Stake (PoS) networks by utilizing BounceBit’s Bitcoin assets to secure Mind Network’s subnets through Fully Homomorphic Encryption (FHE) validation.
🤝 We’ve teamed up with @bounce_bit to amplify the #BTC restaking landscape!
By restaking BounceBit’s $stBBTC into #MindNetwork, BTC holders can earn extra rewards and secure Mind Network’s subnets through Fully Homomorphic Encryption (#FHE) validation.
🔗 Discover more:… pic.twitter.com/njCtRRfalw
— Mind Network (@mindnetwork_xyz) July 25, 2024
Mind Network’s FHE Validation Network represents a significant advancement in PoS security, leveraging Bitcoin’s robust security protocols to safeguard other PoS networks. This initiative enhances the security of decentralized ecosystems and introduces profit-generating opportunities for BTC holders, thereby increasing overall liquidity within the Bitcoin ecosystem.
According to the firms’ repiort, one of the biggest challenge for Bitcoin investors is the need to utilize their BTC holdings more, leading to missed opportunities for profit. BounceBit is pioneering a novel Bitcoin staking solution to address this issue.
Centralized Liquidity and High-Yield Opportunities
BounceBit’s CeDeFi infrastructure centralizes liquidity and enhances the flexibility of Bitcoin assets. When users deposit their BTC assets on BounceBit, they receive BBTC, which represents their assets in regulated custody on a 1:1 basis. These tokens can be bridged to BounceBit Chain and further utilized. For instance, BBTC can be staked to receive stBBTC, which can then be restarted. Alternatively, BBTC holders can directly participate in yield farming through the DApps within the BounceClub ecosystem.
Mind Network’s innovative restaking layer enhances the security and functionality of AI and PoS networks. It leverages Fully Homomorphic Encryption (FHE) to accept restaking tokens from major cryptocurrencies like ETH, BTC, and AI blue-chip tokens, forming a secure and efficient FHE validation network. Through this collaboration, stBBTC holders can participate via restaking to secure the FHE validation of Mind Network’s subnets (AI and PoS networks). This contributes to the overall security and reliability of the decentralized ecosystem and benefits from it.
Through FHE, Remote Staking enables secure and efficient participation in staking processes without cross-chain transfers. This method ensures that participants retain control over their BTC assets and private keys while contributing to the FHE validation and security of Mind Network’s subnets.
By participating in restaking, stBBTC holders can earn the original protocol and network staking rewards as well as additional rewards from Mind and AI/PoS networks within the ecosystem. This increases asset liquidity and utilization. Staked stBBTC assets will serve the FHE validation of the subnet, contributing to the overall security and reliability of the decentralized ecosystem and benefiting from it.
