Babylon, a self-custodial Bitcoin staking protocol, has announced the launch of its phase-1 mainnet as it eyes the growing decentralised finance market on the leading blockchain network.
Babylon, a self-custodial Bitcoin staking protocol, has announced the launch of its phase-1 mainnet. The protocol will go live on August 22, 2024, enabling BTC holders to stake their coins with the self-custodial protocol.
According to the announcement on Monday, the first phase of the mainnet will allow users to stake their BTC in the Babylon protocol, which will then be used to secure proof-of-stake networks. The protocol will provide these networks with the $1 trillion bitcoin network security.
Babylon is designed to enable any proof-of-stake network to tap into the vast bitcoin network security, opening up possibilities for layer-2 chains, data availability layers, oracles, and other decentralised applications.
“This launch leads to the third native use-case of Bitcoin, the asset beside value storage and simple payment: stake to secure networks and earn,” said Fisher Yu, co-founder of the Babylon project. “We expect this to enhance the crypto-economic security of PoS chains and other decentralised applications, offering them a more secure and reliable infrastructure, while at the same time unlocking the value from the idle, unencumbered $1 trillion Bitcoin ecosystem.”
Babylon, which announced a $70 million fundraise in January, is supported by more than 200 finality providers, including Allnodes, Galaxy Digital, P2P, Figment, Luganodes, and Stakefish. The project has also received support from top wallets such as Binance Web3 Wallet, OKX Web3 Wallet, Bitget Wallet, Keystone, and TomoWallet.
“We are excited to see Babylon mainnet go live and to offer our users the opportunity to participate in self-custodial Bitcoin staking,” said a spokesperson for Binance Web3 Wallet. “This integration will provide our users with a seamless and secure way to stake their BTC and earn rewards.”
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