#Babylon Protocol has announced a new testnet phase
The Babylon bitcoin (BTC) steaking protocol has moved to a new testnet phase. The developers are now working on a feature that automatically adjusts the fee
According to a report from the Babylon team, feedback from the community played a significant role in the development of some elements.
Babylon launches new phase of testnet
Babylon, an innovative bitcoin startup that enables BTC steaking, announced the launch of a new phase of the BTC Staking Testnet-4 - Cap 3. It will begin today, June 19, and will be time-limited. Assets will be able to be staked for 120 hours, or five days.
Babylon aims to combine the security and decentralized nature of bitcoin with the flexible smart contracts used in Proof-of-Stake (PoS)-based networks. Earlier this month, the project raised $70 million in investment, indicating growing investor confidence.
"The main goal of testnet is to test and secure bitcoin steaking by testing user interactions with the Signet BTC test network. No separate PoS network will be involved. Bitcoin steaking will be evaluated by cryptocurrency holders, validator teams, wallet providers, and liquid (re)steaking protocols," reads an excerpt from Babylon's official blog.
On the eve of the launch of the new testnet phase, the developers also revealed details of the new commission adjustment feature. The feature has been added to Babylon's decentralized steaking application (dApp). Users will be able to customize the amount of transaction fees.
Cap 3 will deploy when Signet BTC reaches block height #200,665. The ability to block assets in steaking will end on June 24 at 9:00 UTC. At that time, the block height will reach #201,385.
Participants of the new testnet stage will be able to exit the staking and withdraw their funds at any time.
