Custodial Bitcoin Staking Protocol Babylon Launches Mainnet

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  • Babylon, a self-custodial Bitcoin staking protocol, is scheduled to launch its mainnet on August 22, 2024.
  • Babylon co-founder Fisher Yu stated the launch offers customers a “third native use case for Bitcoin,” including staking to retailer worth and funds.

Babylon, a self-custodial Bitcoin staking protocol, has introduced the launch of its Part 1 mainnet because it seems to capitalize on the rising decentralized finance market on main blockchain networks.

Babylon Launches Bitcoin Staking Mainnet

In an announcement on Monday, the protocol revealed that its mainnet launch will start on August 22, 2024. The primary section of the mainnet will permit BTC holders to stake their cash utilizing a self-custodial protocol.

In the meantime, in future phases, the Bitcoin protocol will allow Proof of Stake networks to leverage the trillion-dollar Bitcoin community safety. Tasks that may entry and leverage this ecosystem embrace Layer 2 chains, information availability layers, and oracles.

“This launch connects to Bitcoin's third native use case as an asset after retailer of worth and easy funds: staking to safe the community and earn cash,” stated Fisher Yu, co-founder of Babylon Challenge. “We hope this can strengthen crypto-economic safety for PoS chains and different decentralized functions, offering a safer and extra dependable infrastructure whereas unlocking worth from the idle and unencumbered $1 trillion Bitcoin ecosystem.”

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Babylon's announcement comes after the platform raised $70 million in a funding spherical led by crypto enterprise capital agency Paradigm. The mainnet is supported by over 200 finality suppliers, together with Allnodes, Galaxy Digital, P2P, Figment, Luganodes and Stakefish.

The mission additionally has help from high wallets resembling Binance Web3 Pockets, OKX Web3 Pockets, Bitget Pockets, Keystone, and TomoWallet.

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