Babylon Chain, a network designed to enhance blockchain security by incorporating Bitcoin features into PoS chains, has reached an important milestone with total deposits exceeding $3 billion.
According to data from Dune, Babylon has recorded a total deposit amount reaching over 39,149 BTC, equivalent to nearly $3.9 billion, with over 106,000 depositors participating. In the past week, the amount of Bitcoin deposited on this platform has grown significantly by 51.4%.
Source: Dune
On December 10 and 11, Babylon witnessed Bitcoin deposits reaching up to $1.2 billion within 48 hours, with $834 million deposited on December 10 and $350 million on December 11. The number of depositors also surged, from about 48,000 on December 10 to 62,230 on December 11.
This success follows reports from early October, when Babylon Chain recorded about 23,000 BTC, equivalent to $1.4 billion, locked on the platform. The project operates as a bridge, providing a market for users wishing to lock Bitcoin to receive rewards, while enhancing security for blockchain networks using PoS mechanisms.
Babylon Chain is designed to integrate the security features of Bitcoin – including PoW timestamps, asset liquidity, and censorship-resistant block space – into other blockchain ecosystems. Through a security-sharing protocol, Babylon allows decentralized networks to inherit the robust security of Bitcoin, thereby ensuring that PoS chains and DApps operate safely and effectively without needing to trust any intermediaries.
The significant increase in deposits for Babylon occurred right after the Binance exchange implemented support for profit generation through Babylon Chain on December 9. At the same time, Bitrue, a competing platform, also began supporting this network, contributing to the robust development of Babylon.
Andri Fauzan Adziima, head of research at Bitrue, shared that this exchange decided to integrate Babylon Chain because it helps Bitcoin 'transition from a store of value to a security support tool for blockchain.' He also stated that Bitrue would leverage the security model of Babylon Chain to build trust, enhance platform operations, and attract interest from institutional investors.
https://tapchibitcoin.io/khoang-39-ty-do-la-bitcoin-da-duoc-gui-vao-babylon-chain.html
