Babylon: Launching the Self-Custodial Staking Protocol Mainnet for Bitcoin
Babylon, the self-custodial staking protocol for Bitcoin, is gearing up for the launch of its mainnet on August 22.
The countdown for the launch of Babylon Bitcoin Staking Mainnet has begun! Self-custodial Bitcoin staking; Bitcoin security for PoS systems; Unstaking on demand; Leverage over $1T of inactive Bitcoin capital.
Read the announcement: https://babylonlabs.io/blog/babylon-bitcoin-staking-mainnet-launch-phase-1
Participation dashboard: https://btcstaking.babylonlabs.io
Get ready to stake your inactive Bitcoin!
In practice, the protocol connects bitcoin holders with the security request of the network by Proof-of-Stake systems such as PoS chains, L2, data availability layers, oracles, and others.
According to Fisher Yu, co-founder of Babylon, the launch of the new staking system will bring users a “third native use case of Bitcoin”. Specifically, it would involve adding to the existing use cases of Bitcoin for value storage and payment, also staking, which allows users to protect the network while earning.
The launch of the new Babylon mainnet will take place in three phases.
Babylon: The Three Phases of the Mainnet Launch for Self-Custodial Staking for Bitcoin
- Phase 1: BTC holders can stake their coins with the self-custody protocol.
- Subsequent Phases: The Bitcoin protocol will allow Proof-of-Stake (PoS) networks to tap into the security of the Bitcoin network worth 1 trillion dollars.
With Proof-of-Stake network, Babylon includes in its ecosystem the layer 2 chains, the data availability layers, and the oracles.
The Babylon protocol has already raised 70 million dollars in a funding round led by the crypto venture capital firm Paradigm. Other financial service providers such as Allnodes, Galaxy Digital, P2P, Figment, Luganodes, and Stakefish also support the mainnet.
Before this moment, Babylon has received support from major crypto wallets like Binance Web3 Wallet, OKX Web3 Wallet, Bitget Wallet, Keystone, and TomoWallet.
The Support of Binance Labs
At the end of February 2024, it had emerged that Binance Labs had already made an investment in the staking protocol for Bitcoin, Babylon.
Binance Labs is the incubation and venture capital arm of the popular crypto-exchange Binance.
The amount of the investment has not been disclosed. However, Babylon co-founder David Tse confirmed that it follows the same structure as Babylon’s seed and Series A rounds.
Hot Take: Get Ready for Babylon’s Mainnet Launch!
Babylon is all set to revolutionize the world of Bitcoin staking with its upcoming mainnet launch. With a focus on self-custodial staking and providing a secure environment for PoS networks, Babylon is bringing a new dimension to the world of cryptocurrency. Don’t miss out on the opportunity to stake your inactive Bitcoin and be a part of this groundbreaking development in the crypto space. Stay tuned for more updates as Babylon’s mainnet launch approaches!
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