Binance Labs backs Babylon's groundbreaking Bitcoin staking protocol. 🔥✅
Binance Labs, the venture capital arm of Binance, has recently thrown its weight behind Babylon, a 2022-founded blockchain project causing ripples in the industry. At the core of Babylon's innovation is a groundbreaking Bitcoin Staking Protocol, offering Bitcoin holders a secure avenue to earn yields from Proof-of-Stake (PoS) chains.
🔸Bitcoin Staking Protocol:
Babylon's protocol allows users to stake bitcoins for PoS blockchains, eliminating the need for third-party custody or wrapping services.
This introduces slashable economic security guarantees to PoS chains while enhancing liquidity for Bitcoin holders.
🔸Reducing Inflationary Pressure:
Babylon addresses challenges faced by PoS chains with native assets' volatility by allowing them to acquire staking capital from Bitcoin.
This move reduces inflationary pressure on native tokens, offering a new dynamic to the PoS ecosystem.
🔸Unlocking Utility for Bitcoin:
Babylon's protocol gives Bitcoin, traditionally viewed as a store of value, a new purpose by enabling secure and decentralized yield generation.
This marks a significant use case integration for Bitcoin in the evolving Proof-of-Stake economy.
🔸Babylon Chain and Cosmos SDK:
Utilizing the Cosmos SDK, Babylon chain provides Bitcoin timestamping services to PoS chains.
It acts as a crucial control plane synchronizing between the Bitcoin network and PoS chains.
🔸Leadership and Foundation:
Babylon is led by consensus protocol researchers from Stanford and seasoned Layer-1 engineers.
Founded by Stanford Professor David Tse and Dr. Fisher Yu, Babylon aims to scale Bitcoin for the decentralized economy.
🔸About Babylon:
Founded in 2022, Babylon is on a mission to scale Bitcoin for the decentralized economy through innovative security-sharing protocols. Its suite includes Bitcoin Staking, Timestamping, and Data Availability.
