How to Earn Points on BounceBit
To start earning points on BounceBit, you need an early access code. After connecting your wallet, you can earn points by depositing tokens, where the amount deposited will influence the points you receive. You can claim points every 24 hours and earn Boost and Swift cards to give you additional rewards. Read on to find out how to get access codes.
Key Takeaways
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BounceBit is a BTC restaking blockchain that aims to let Bitcoin holders earn yield through funding rate arbitrage.
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The ecosystem is secured by a dual-token staking system using BTC and BounceBit’s native token, BB.
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Users can participate in the Water Margin Event that gives early access to the platform while earning points for depositing tokens.
BounceBit is building a BTC restaking infrastructure to give Bitcoin holders a way to earn yield on idle BTC tokens. The ecosystem is a Proof-of-Stake Layer 1 secured by validators that stake both BounceBit’s native token, BB, and BTC which enhances the value of BTC by enabling its active role in network validation. With this dual-token system, BounceBit leverages native Bitcoin’s security, liquidity, and low volatility. The protocol interacts with Bitcoin on the asset level instead of the protocol level with funds secured by the regulated custody of Mainnet Digital and Ceffu.
By blending DeFi and CeFi yield mechanisms, the protocol offers unique opportunities for Bitcoin holders. The CeFi framework allows users to lock idle BTC to earn yield through funding rate arbitrage. BounceBit then converts the Bitcoin into wrapped versions like bounceBTC to enhance the token’s functionalities, allowing users to engage in staking, restaking, and other on-chain activities. For example, users can delegate their bounceBTC to validators in exchange for a Liquid Staking Derivative, stBTC, which can be restaked to earn additional rewards. Otherwise, they can directly stake BTC to shared security clients (SSCs) like sidechains, bridges, and oracles or participate in DeFi activities including AMMs, leverage trading, and yield farming.
The protocol recently closed a $6 million funding round led by Blockchain Capital and Breyer Capital. Other participating investors include dao5, CMS Holdings, Bankless Ventures, OKX Ventures, and angel investors such as Nathan from Anchorage Digital, Calvin and Jessy from Eigenlayer, Kevin and Ashwin from Brevan Howard, and others.
Currently, BounceBit is running the Water Margin Event that offers early access for users to interact with the platform and accumulate points and rewards. Users can experience staking with the different providers of yield strategies with BTCB and/or USDT. With the Mainnet launch set for April and interest around BounceBit continuing to grow, now is a great time to start earning points!
Do note that there is no official announcement from the BounceBit team that participating in the Water Margin Event by following the steps below will result in a token airdrop.
Step 1: Early Access
Head to https://bouncebit.io/ and select Early Access.
You will need an invite code that you can find either on Twitter under #BounceBit or through their Discord Channel which we included below.
Here are our invite codes that you can use. Do note that each invite code is valid for one user.
https://bouncebit.io?code=KNZF5
https://bouncebit.io?code=D4DDS
https://bouncebit.io?code=CMUXM
https://bouncebit.io?code=9NA2G
After entering the invite code, you will need to connect your wallet, follow BounceBit on Twitter, and join the BounceBit Discord channel.
Step 2: Deposit Tokens
After you have connected your wallet, go to Deposit your tokens either on Ethereum or BNB Chain.
The available tokens on Ethereum are Wrapped Bitcoin (WBTC), Bounce (AUCTION), DAII (DAII), Multibit (MUBI), and Tether (USDT) while on BNB Chain you can deposit Bitcoin BEP2 (BTCB) or First Digital USD (FDUSD).
In this example, we are depositing USDT on Ethereum but recommend using BNB Chain for cheaper gas fees.
To be eligible for drawing points and receiving rewards, you need to deposit at least $10 worth of tokens. However, the amount you deposit will influence the points you receive.
This point distribution system as well as the gas fees you incur should be taken into consideration when deciding how much to deposit.
Step 3: Claim Points
Head to Points Paradise to access the hourglass that distributes points every 24 hours. After connecting your wallet and depositing, you will need to wait for the first 24 hours.
Once the time has passed, you can make your first claim.
As written above, the number of points you receive is determined by your deposit. Your points will accumulate with each draw and move your ranking higher on the leaderboard, giving you more chances for exclusive rewards.
Step 4: Invite Others
Points earned by those you invite will give you an additional 10% points.
Under Invite, each user is given five invite codes to create a team and those with a cumulative deposit of 0.1 BTC will earn a Boost draw for each member. Boost draws can give users either a Swift card to expedite the hourglass time or a Boost card which gives extra bonuses for each point claim.
Additionally, as teams complete milestones, members have the chance to obtain more invite codes.
Step 5: Keep Drawing
As you continue to claim points, you will also get to draw different levels of Boost cards and Swift cards to give you extra rewards.
The Boost cards come in different tiers and offer various levels of bonus points with each claim. The rarity tier ascends from N, R, SR, SSR, to UR.
Sidenotes
To join the BounceBit Discord server, head to https://discord.gg/bouncebit and you will be redirected to the Discord app.
After you click Join BounceBit Server you will be added to the #new-members channel.
Click Complete and read and agree to the rules.
Then head to the #verify-here channel to complete the Captcha verification.
You can find invite codes to the Water Margin Event in the #invite-code-share channel.
BounceBit Premium
Early Access gives users the chance to interact with delta-neutral investment options with a minimum deposit of 0.1 BTCB or 1,000 USDT. However, it is not explicitly written that interacting with this will increase your points. Therefore, we will not cover the steps in participating with this product and recommend that you thoroughly consider it before proceeding as the process involves a significant amount of assets that are prone to market volatility.
If you wish to try it out for yourself, head to Premium.
A pop-up will appear for you to read and acknowledge the agreement.
You can then see the different yield strategies.
Conclusion
BounceBit is a native BTC restaking blockchain secured by a dual-token staking system using BTC and BB. The Proof-of-Stake mechanism leverages native BTC security with full EVM compatibility. By blending DeFi and CeFi yield mechanisms, users can earn yield on idle BTC. BounceBit is currently providing early access to the protocol through the Water Margin Event, letting users interact with the platform while earning points.
As mentioned above, there is no official announcement from the BounceBit team that participating in the Water Margin Event will result in a token airdrop.
Stephanie has a keen interest in breaking down complex topics into beginner-friendly pieces. She has been in the crypto space since 2020 and wants to continue contributing to the demystification of the crypto industry to a broader audience.
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