Comparative analysis of Bitcoin-based financial infrastructure - @Theo_Network, @build_on_bob, @trylimitless Theo, BOB, and Limitless represent three major directions of financial infrastructure centered around Bitcoin. Theo is a tokenization platform for real-world assets (RWA) aimed at institutional investors, offering yield-bearing tokens based on U.S. Treasury bonds, with total deposits reaching $117 million. BOB is a hybrid Layer 2 that implements Bitcoin-native DeFi, enabling trust-minimized Bitcoin bridging through BitVM technology, with total assets deposited at around $215 million. Limitless operates a prediction market protocol on the Base chain, adopting a short-term event-driven trading structure, with cumulative trading volume exceeding $480 million. All three projects are in the pre-token issuance stage, with confirmed VC funding amounts of $20 million for Theo, $21.1 million for BOB, and $8 million for Limitless. Theo utilizes the Ethereum and Arbitrum-based ERC-4626 standard to tokenize real-world assets such as Treasury bonds, and the deposited assets are managed through a regulatory custodian system. By depositing USDC, immediate liquidity is secured through an optimistic minting structure, with a processing time of 1 to 4 business days until payment completion. In terms of security, a full audit by Zenith Security has been completed, and multi-signature and emergency halt functions are implemented. Theo's revenue structure offers an annual yield of 4-5% based on U.S. short-term Treasury bonds, and it operates across multiple chains including Ethereum, @arbitrum, Base, and the Linea network. BOB is a hybrid Layer 2 network that combines the security models of Bitcoin and Ethereum, verifying off-chain computations on-chain through fraud-proof methods via BitVM2. It adopts a PoW anchoring structure based on Bitcoin while simultaneously integrating ZK-Optimistic rollups to ensure both efficiency and security. Bitcoin staking is conducted through the Babylon protocol, finalized after more than 100 Bitcoin confirmations. BOB supports bridging across 11 chains through LayerZero integration, with notable partners including BitGo, Uniswap, Ledger, and Coinbase Ventures. The developer adoption rate is confirmed to be over 1,000, and it has currently passed the Stage 0 verification phase according to L2Beat. Limitless is growing in the prediction market space based on the Base chain. It has adopted a centralized limit order book (CLOB) structure centered around an automated order matching system to enhance trading efficiency, and it verifies market outcomes in real-time through @PythNetwork's oracle feeds. The trading structure consists of conditional tokens in a Yes/No format, allowing users to deposit $1 to create two opposing positions. The expiration time for trades is fixed based on UTC, and due to Base's ultra-low latency processing, immediate settlements occur. As of October 2025, Limitless's cumulative trading volume has surpassed $480 million, with daily trading volume around $9.7 million. The mobile share exceeds 80%, characterized by a user-friendly structure. In terms of security, Theo has secured asset safety through custody cooperation with regulated financial institutions and has completed audits for all major smart contracts. BOB has implemented a decentralized trust model by combining Bitcoin PoW and ZK verification structures; however, the presence of a centralized sequencer and upgrade authority is assessed as a risk factor in its early stages. Limitless relies on the accuracy of oracle data, which is supplemented through Pyth's multi-publisher system. Although a complete security audit report has not yet been released, it is known that an independent review has been completed. Looking at the economic structure, Theo connects real asset yields to DeFi to provide stable interest income, BOB connects Bitcoin capital to DeFi to create new revenue opportunities, and Limitless generates revenue based on high turnover and liquidity through short-term event-driven trading. Theo is growing based on institutional trust, BOB is rapidly spreading within the Bitcoin community, and Limitless is establishing itself as a public-centric trading platform, expanding its market share in the prediction market sector. The commonality among the three projects is that they all seek to expand the financial system centered around Bitcoin. Theo implements a regulatory-friendly RWA infrastructure, BOB implements trust-minimized Bitcoin-based DeFi, and Limitless implements a short-term speculative prediction market. All three projects have stable mainnet operations, and no security incidents have been reported. Theo leads the influx of institutional capital with a stable revenue model through real assets, BOB has achieved technological advancements connecting Bitcoin assets to on-chain finance, and Limitless has achieved rapid market penetration with a usability-focused structure. Each project addresses different segments: institutional capital, Bitcoin capital, and user-participatory finance, showcasing the multi-layered development direction of Bitcoin-based financial infrastructure.