Bitcoin staking protocol Babylon announced the upcoming launch of Cap 3 for its Babylon Bitcoin Staking Testnet-4, scheduled for 9 AM UTC on June 19th.
The cap will operate on a time-based schedule, allowing stake submissions for 5 days (120 hours) beginning at Signet BTC block height 200,665, starting at 9 AM UTC on June 19th. It will conclude after 720 blocks, reaching Signet BTC block height 201,385, around 9 AM UTC on June 24th.
Furthermore, Babylon has emphasized that it has incorporated a fee adjustment feature into its staking web decentralized application (dApp) based on community feedback. This feature enables stakers to customize the transaction fee, thereby enhancing the likelihood of their staking transactions being included in the Signet block.
Stakers have the flexibility to unbond and withdraw their stake at any time during the period of seven days. There is also a built-in maximum staking period of approximately one year and three months. If a stake remains active beyond this period, the staker can still withdraw it subsequently.
Testnet-4 Cap 3 imminent!
Cap 3 of Babylon Bitcoin Staking Testnet-4 goes live on Wednesday, 19 June, 2024!
Dashboard: https://t.co/1AnCZW5ybpGalxe: https://t.co/ZAzMR5OgEM
This cap will be time-based, with the testnet accepting stakes for 5 days (120 hours),… pic.twitter.com/vzKxgZRPY9
— Babylon (@babylon_chain) June 18, 2024
What Is Babylon?
Babylon represents a blockchain initiative focused on crafting security-sharing protocols for the decentralized economy. Presently, it is actively developing protocols such as the Bitcoin Staking Protocol, Bitcoin Timestamping Protocol, and Bitcoin Data Availability Protocol.
In the previous year, Babylon raised $18 million in funding from investors such as Polychain Capital and Hack VC. This funding was obtained through a mix of equity and token warrant rounds aimed at expediting project advancement.
Recently, the Web3 wallet Bitget Wallet integrated support for the Babylon Testnet-4 and initiated testnet staking activities through its Earning Center. This allows users to earn SBTC rewards and actively engage in the testnet staking process.
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