TL;DR
- BounceBit launched its latest upgrade, CeDeFi V2, on November 12, 2024, offering multi-chain support for major cryptocurrencies and bridging the gap between CeFi and DeFi.
- CeDeFi V2 introduces new yield strategy options, enhanced security, and boosted APY rewards, with over $10 million bridged in the first hour of its launch.
- The platform has seen significant traction with a 2x increase in inflows, supported by major industry players, and aims to enhance asset and liquidity management for institutional investors.
BounceBit, a Binance-backed Bitcoin staking startup, launched its latest upgrade, CeDeFi V2, on November 12, 2024. This new protocol aims to bridge the gap between CeFi and DeFi, offering users multi-chain support without the need to bridge funds through BounceBit’s chain.
The upgrade is designed to enhance operational efficiency, security, and user flexibility, marking a significant milestone in the platform’s evolution.
⚪️🟡A New Chapter in #CeDeFi Unfolds.
V2 Has Arrived.Choose Auto, Fixed or Manual to earn real yield on ETH, BNB, SOL, BTC and more.
Supercharged $BB yield rewards available now! Plus USDT deposits are weighed 2Xhttps://t.co/0Z6EfKzMsA
Everything you need to know⏬ pic.twitter.com/Z8tFUG0nCH
— BounceBit (@bounce_bit) November 12, 2024
BounceBit CeDeFi V2’s Key Features and Enhancements
CeDeFi V2 introduces several key features that cater to both individual and institutional investors. The platform now supports multi-chain access for major cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), Solana (SOL), and Tether (USDT).
This multi-chain support allows users to manage their assets across different blockchain networks seamlessly. The upgrade also includes new yield strategy options—Auto, Fixed, and Manual—providing users with various ways to optimize their returns.
Additionally, CeDeFi V2 offers boosted annual percentage yield (APY) rewards, with over $10 million bridged in the first hour of its launch.
Enhanced Security and Efficiency
Security has been a primary focus for BounceBit in developing CeDeFi V2. The platform streamlines the on-chain process of bridging cryptocurrencies, reducing potential risks associated with switching chains.
This enhancement is particularly important for institutional investors who require robust security measures to protect their assets. Jack Lu, founder and CEO of BounceBit, emphasized the importance of security and efficiency in the new platform.
“Our CeDeFi V2 platform is designed to leverage the liquidity of centralized exchanges while incorporating the transparency of decentralized systems,” Lu stated.
This approach aims to provide users with a secure and efficient way to manage their assets and access yields across various chains.
Institutional Adoption and Market Impact
The launch of CeDeFi V2 has already seen significant traction, with a 2x increase in inflows amounting to $20 million in trades across the multi-chain platform.
Supported by major industry players like Binance, Blockchain Capital, and Breyer Capital, BounceBit aims to enhance asset and liquidity management for institutional investors and large-scale traders.
Earlier this year, BounceBit secured $6 million in seed funding, with Blockchain Capital and Breyer Capital taking the lead, alongside contributions from Binance and CMS Holdings. The platform amassed over $545 million in TVL during its early access phase, demonstrating strong market interest and adoption.
