Say Hello       to BOB

Beyond the normal benefits of holding stablecoins, BOB users and holders will share in future revenue generated by the protocol. This will come in the form of earned interest from idle capital and lost token recovery fees. While most stable protocols keep these fees for themselves, with BOB these fees will be distributed back to the community. The method and timing of these distributions is still in development, and a governance process will ultimately decide the specifics of this program. Stay tuned for more info as the BOB ecosystem matures.

BOB is a stablecoin built for everyday transactions. It can be used similarly to USDC, Tether, DAI and other stables to preserve value and avoid volatility.‍zkBob is a standalone application for private transactions. It only accepts BOB, which gives BOB an optional privacy advantage for use cases like private salary, anonymous donations, DAO payments and more. When used with zkBob, BOB transfers are completely private. See zkbob.com for more information

BOB is currently available on Polygon, Optimism, Arbitrum, Ethereum, and Binance Smart Chain. Future governance decisions will determine if BOB is added to additional chains. The contract address for BOB is the same on every chain where it is deployed: 0xB0B195aEFA3650A6908f15CdaC7D92F8a5791B0B‍zkBob is currently only available on Polygon. If you wish to use zkBob, you can bridge BOB from other chains to Polygon using Li.Fi.

Yes! ChainSecurity delivered their security audit of BOB and zkBob contracts on January 5, 2023. It is available here -> https://chainsecurity.com/security-audit/zkbob-smart-contracts/

BOB inventory levels are managed via a streamlined governance and multisig approval process. A governance proposal to adjust inventory is discussed and approved/denied by the acting governance board. Note that BOB is still in beta and a wider and more decentralized governance process is planned for the future.‍ New BOB is added or removed from inventory based on current supply and anticipated demand. BOB stored in inventory is not in active circulation, only BOB which has been purchased from the inventory is in active circulation. All BOB in active circulation is backed 1x1 by stable assets used to purchase it from inventory.

BOB maintains its stable value thanks to something called “concentrated liquidity.” Introduced in Uniswap v3, this concept allows liquidity to be provided in very narrow ranges. In the case of BOB, BOB inventory liquidity is paired with other well-known stable tokens (predominantly USDC) and provided to Uniswap v3.‍ Since USDC/BOB liquidity is only provided within an extremely tight range, BOB remains stable relative to USDC within that small window. The primary risk to stabilization is related to paired stablecoins, for example if USDC were to lose its peg BOB stability could also be impacted. Parameter tuning and dynamic pricing algorithms are in development to further protect BOB stability.