Build on Bitcoin (BOB) Surges Over 120% as Bithumb Announces Listing

Build on Bitcoin (BOB), a layer-2 scaling solution built at the intersection of Bitcoin and Ethereum, experienced a massive price pump today. Jumping to a trading price of $0.0254, the project’s native token, BOB, saw more than a 120% pump today.

The massive price jump came shortly after the South Korean crypto exchange Bithumb announced the listing of the cryptocurrency.

Bithumb Lists BOB

Bithumb revealed in its announcement that the BOB token will be available to its South Korean audience. Since BOB lives natively on its own layer-2 network, Bithumb revealed that the L2 mainnet will be the sole supported network.

To incentivize traders to join the bandwagon, Bithumb added that it would offer fee-free trading for BOB, valid from today until December 5th at 5 PM KST.

In today’s announcement, Bithumb listed another crypto alongside BOB. Dubbed Origin Trail (TRAC), the Ethereum-based token experienced a considerable surge above $0.76. At the time of writing, it has rebalanced at $0.627, representing a 33% increase in the past 24 hours.

In the crypto market, prices of cryptocurrencies often soar significantly whenever they secure a listing on a reputable exchange. This market listing is available only when the crypto asset meets the exchange’s listing criteria.

In this case, Bithumb ranks as the second-largest crypto exchange in South Korea, trailing Upbit. It also ranks among the biggest exchanges globally. Due to its popularity, a Bithumb listing announcement almost always drives the cryptocurrency’s price higher.

Aside from crypto asset custody services, Bithumb is actively exploring a public listing. If successful, the South Korean exchange will be the first of its kind to do so in the country. It will also put itself on par with international competitors such as Coinbase and Gemini, which have secured public listings.

What is Build on Bitcoin?

Introduced in 2019, Build on Bitcoin positions itself as a hybrid layer-2 blockchain that combines the security of the Bitcoin network with the scalability of the Ethereum network. Poised to create the gateway to Bitcoin DeFi, the crypto project provides the infrastructure needed to bring BTC staking, cross-chain swaps, and other features common to the decentralized finance sector.

Bitcoin was originally created to facilitate peer-to-peer money transfers. It was not designed to handle advanced use cases like DeFi, NFTs, and others. Like several other projects, Build on Bitcoin aims to add more utility to the largest blockchain network. The BOB project particularly focuses on the intersection of Bitcoin and the DeFi sector.

Because of its compatibility with the Ethereum Virtual Machine (EVM), Build on Bitcoin works well with projects building on Ethereum and its L2 solutions. These include Uniswap, SushiSwap, Aerodrome, and others. The project has also secured over $21 million in funding from global partners.

At the helm of its operations is the BOB token, its flagship cryptocurrency. It has a total supply of 10 billion tokens, where 2.219 billion are in circulation. It holds a market capitalization of $46.3 million and a daily traded volume of $76.75 million. Although the cryptocurrency rose significantly today, it remains about 26% below its all-time high of $0.02767, which was recorded on November 20th.

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