- The self-custodial Bitcoin staking protocol, Babylon, will launch its mainnet on August 22, 2024.
- Babylon co-founder Fisher Yu mentioned the launch brings “a 3rd native use-case of bitcoin” for customers, including staking to its retailer of worth and funds.
Babylon, a self-custodial Bitcoin staking protocol, has introduced the launch of its Section-1 mainnet, because it eyes the rising decentralized finance market on the main blockchain community.
Babylon Declares Bitcoin Staking Mainnet
In an announcement on Monday, the protocol revealed Its mainnet launch will go stay on August 22, 2024. The primary part of the mainnet will enable BTC holders Stake your coins With self-preservation protocols.
🔶🔒 The countdown to the Babylon Bitcoin Staking Mainnet Launch has begun!
🔑 Self-preserving Bitcoin Staking
🛡️ Bitcoin Safety for PoS Programs
⚡ On-Demand Unbonding
💎 Leveraging $1T+ of idle Bitcoin capital📖 Learn the announcement: https://t.co/awTMV1c5Q6
🔒 Staking Dashboard:… pic.twitter.com/TItPoUbLv2
— Babylon (@babylonlabs_io) August 19, 2024
In the meantime, upcoming phases of the Bitcoin protocol will enable proof-of-stake networks to leverage the safety of the $1 trillion Bitcoin community. Tasks looking for entry and use of this ecosystem embody layer-2 chains, information availability layers, and oracles.
“This launch introduces the third elementary use-case for Bitcoin as an asset in addition to storing worth and easy funds: staking to safe the community and earn cash,” mentioned Fisher Yu, co-founder of the Babylon undertaking. “We hope this can improve the crypto-economic safety of PoS chains and different decentralized functions, giving them a safer and dependable infrastructure, whereas additionally unlocking worth from the $1 trillion Bitcoin ecosystem in a passive, frictionless means.”
Babylon’s announcement comes after it raised $70 million in a funding spherical led by crypto enterprise capital agency Paradigm. The mainnet is supported by over 200 endpoint suppliers, together with Allnodes, Galaxy Digital, P2P, Figment, Luganodes, and Stakefish.
The undertaking has additionally obtained help from prime wallets like Binance Web3 Pockets, OKX Web3 Pockets. Bitget WalletKeystone and TomoWallet.
