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The popularity of the liquid restaking concept has increased significantly in recent months. It offers users the intriguing prospect of getting more value from their staked tokens.
However, this has mostly been used in a range of Ethereum-based applications.
Conversely, BounceBit offers a Bitcoin restaking infrastructure that is the basis for a range of restaking solutions.
In this article, let’s learn about BounceBit crypto and how to buy BB tokens in India.
[wd_hustle id="4" type="embedded"/]What is BounceBit?
With the introduction of a native BTC Restaking chain, BounceBit is a revolutionary platform that completely transforms the Bitcoin staking market. This innovative method combines the flexibility and cutting-edge advantages of Ethereum’s technology with Bitcoin’s strong security features.
Features of BounceBit
BounceBit innovatively uses a Proof-of-Stake (PoS) Layer 1 chain, secured by validators staking BTC and BounceBit’s native token. This dual-token system aims to amalgamate Bitcoin’s security and stability with the flexibility and functionality of a PoS blockchain.
According to the BounceBit team, the protocol offers several advantages:
- Enhanced BTC Liquidity: BounceBit facilitates DeFi applications centered around wrapped BTC, thereby boosting Bitcoin’s liquidity and broadening its utility.
- Streamlined Development: BounceBit’s development of Shared-Security Clients (SSCs) simplifies the creation process for restaking products, empowering developers to seamlessly integrate Bitcoin into the DeFi landscape.
- Expansion of DeFi Ecosystem: By incorporating wrapped BTC into DeFi protocols, BounceBit drives the growth and adoption of decentralized finance, paving the way for new opportunities and innovations.
Issues Solved by BounceBit
- Addressing Transparency Concerns
The industry recalls the transparency issues encountered in 2022, notably with platforms like Celsius. BounceBit integrates on-chain proof-of-reserve (PoR) while ensuring transparent operations, aiming to rebuild trust and offer a secure platform for BTC holders to earn interest.
- Maximizing Underutilized BTC Assets
BTC holders often encounter the issue of underutilized assets. BounceBit aims to resolve this by enabling active engagement in decentralized finance and NFT sectors, providing opportunities for asset growth.
- Enhancing Bitcoin’s Utility Through Diverse Use Cases
Additionally, BounceBit commits to expanding BTC’s utility and the network’s potential by broadening opportunities for holders and leveraging the crypto as a prominent asset.
- Unifying BTC Across Blockchains
Recognizing the absence of a smart contract platform within Bitcoin’s ecosystem hindering dApp development, BounceBit endeavors to provide a solution.
BounceBit (BB) Tokenomics
BounceBit’s economy comprises primarily three categories of participants:
- Users
- BB Token Holders
- Node Operators
BB serves as the platform’s native token, with a total capped supply of 2.1 billion, a nod to Bitcoin’s capped supply of 21 million.
Here is the breakdown of the BB token distribution:
Testnet & TVL Incentive: 4%
Investors: 21%
Team: 10%
Advisors: 5%
Binance Megadrop: 8%
Market Making: 3%
BounceClub & Ecosystem Reserve: 14%
Staking Reward & Delegation Program: 35%
Let’s quickly see how easily you can buy BounceBit (BB) at WazirX.
Buying BounceBit (BB) in India in 2024
Below are a few simple steps you can follow and buy the BB tokens in India with WazirX, India’s most trusted and widely used crypto exchange.
The best way to buy BB tokens is by depositing INR in your WazirX wallet. Alternatively, you can also buy BB using P2P trade; to get answers to all your queries related to the P2P trade, click here!
Step 1 – Sign-Up on the WazirX platform
To begin buying and selling BB, you must sign up for an account on the WazirX platform. If you already have an account, you can log in directly.
For your reference, here’s how you can open an account on WazirX.
Step 2 – Set up your account security by verifying your email address.
This step is about verifying your email address. After you sign up on the WazirX platform, you’ll get a verification link on your registered email. By clicking on that link, you’ll get two options to ensure the security of your account – the authenticator app and mobile SMS.
Note: The authenticator app is a more secure way to stay safe when compared to mobile SMS because there’s a risk of delayed reception or SIM card hacking.
Step 3 – Complete the KYC process.
After choosing your country, you can proceed with completing the KYC process. Click here for a detailed overview.
Note: You must complete your KYC to be able to trade P2P or withdraw funds on the WazirX app.
Step 4 – Add funds to your WazirX wallet.
To add funds, simply go to your account on the WazirX app or web. Click on “Funds” and then on “Deposit INR.”
You can deposit INR using any mode (NEFT/ RTGS/ IMPS).
You can also buy BB through P2P to the WazirX wallet. The BB will act as funds to help you buy your favorite cryptos.
Step 5 – Finally, buy BB on WazirX.
You can now easily purchase BB tokens using INR Deposits. In the case of P2P trade, check BB to USDT here.
After logging in to your WazirX account, you can choose INR from the “Exchange” tab. You can also check all the price charts, order book data, and an order input form on the right side of the screen.
Click “Buy” after entering the amount and checking the total INR amount to be paid.
Your order will be placed according to the price you have input. And, in the case of P2P trade, a seller willing to sell at a price will be notified, and then you can exchange the tokens using P2P.
The order might take a few minutes to complete, but as soon as it is executed, you will receive the BB Tokens you purchased in your WazirX wallet.
Happy Trading!
Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.
