TL;DR
Babylon Chain has surpassed $3.7 billion in Bitcoin deposits, reaching a total of 36,100 BTC from nearly 88,000 unique users.
In just 48 hours, the platform recorded deposits of over $1.2 billion, with a marked increase in the number of unique depositors, from 48,000 to 62,000.
The success of Babylon Chain is also due to its staking protocol, which secured 23,000 BTC ($1.4 billion) in its second round.
Babylon Chain, the blockchain that connects Cosmos-based chains with Bitcoin’s security, has surpassed $3.7 billion in BTC deposits.
According to Dune data, deposits reached a total of 36,100 BTC, made by nearly 88,000 unique users. This figure was reached after a significant increase in deposit activity, which rose by 51.4% in the past week, with the platform achieving unprecedented adoption levels.
In a 48-hour period, Babylon Chain saw a marked increase in deposits, totaling more than $1.2 billion in Bitcoin. On December 10, the platform registered $834 million in deposits, while the following day, December 11, the figure reached $350 million. The number of unique depositors also grew significantly, from around 48,000 on December 10 to over 62,000 on December 11, an increase of 14,250 new users in just one day.
The Seed of Babylon Chain’s Success
The growth of Babylon Chain is not only due to the deposits but also to the success of its staking protocol. In its second staking round, the platform secured around 23,000 BTC, equivalent to $1.4 billion. This process proved smoother than the first one, as Bitcoin fees did not increase as they had in previous rounds, providing a more efficient experience for users.
Babylon Chain aims to integrate Bitcoin’s robust security features, such as its censorship resistance and proof-of-work, into other blockchain networks. This allows decentralized platforms to leverage this security to strengthen the trust and stability of decentralized applications (dApps). Additionally, the integration is designed to facilitate interoperability between various blockchains.
The expansion of the protocol’s usage coincides with support from major platforms such as Binance, which began offering yield generation support through Babylon Chain on December 9. Bitrue, another major exchange, also added support on the same date
