"What else can we do to participate in Babylon?"
- Yesterday, @babylon_chain announced the financing news: it completed a $70 million financing led by @paradigm. Babylon's "Bitcoin Shared Security" is really a sexy story: it can not only improve the security of the POS chain, but also activate the dormant BTC so that holders can enjoy interest income. In addition, Babylon has provided a very innovative technical solution that can ensure the security of BTC funds at one level (I have previously disassembled Babylon's test staking steps, and those who are interested can take a look: https://x.com/portal_kay/status/1792414546604458117).
- You may be concerned about what other opportunities there are to participate in the project, so here is a summary:
📌 1. Secondary purchase of Pioneer Pass NFT
- This is a test network event launched by Babylon in February. The first 100,000 participants can receive an NFT (Bitcoin Staking Pioneer Pass). It was extremely popular at the time, and the 100,000 test spots were quickly filled. At present, holding a Pioneer Pass is the most likely chance to win a later airdrop.
- I recommended the Pioneer Pass in a communication group half a month ago, and the price at that time was about 98.7U. After yesterday's financing announcement, the current price is about stable at 123U. Overall, I think the cost performance is still relatively high. The evaluation logic is as follows: Assuming that the total market value of Babylon after its release is A, the probability of holding an NFT to issue an airdrop is X%, and the airdrop token accounts for the overall proportion Y%, and then divided by the total number of NFTs 98.65K, it can be calculated: Single NFT airdrop income = A*X%*Y% ÷ 98.65K.
📌 2. Participate in the Galaxy event Bitcoin Staking Chronicles
- In order to cooperate with the newly launched testnet activity Testnet-4, the Galaxy mission was launched simultaneously. The following is the key information of the event:
🔹 Quest address: https://app.galxe.com/quest/Babylon/GCyyntz73L
🔹 Quest reward 1: Accumulate loyalty points, unlock OG community roles, and eventually obtain USDC prize pool competition qualifications;
🔹 Quest reward 2: Galaxy OAT certificate, which can be used as proof of Babylon reward redemption and event participation.
‼ ️ Attention‼ ️ The first batch of 5 sBTC staking quotas for Testnet-4 was full in less than half an hour on Tuesday afternoon. The time for the opening of the new quota will be announced next Monday.
📌 3. Deploy nodes
- According to the official instructions, users can perform three sets of operations to join the Bbaylon test network: 1) Become a Babylon CometBFT validator and accept Babylon test token delegation; 2) Become an end provider and accept signet BTC delegation; 3) Self-delegate BTC to the end provider in a trustless manner to obtain voting rights.
- I did not participate in this part myself. If you are interested, you can refer to the official document: https://docs.babylonchain.io/docs/user-guides/btc-staking-testnet/deployment-overview
📌 4. Learn Babylon project materials
- Most friends may not be willing to do this step, so it is put at the end. List some good Babylon project materials:
1) "Babylon Project White Paper" https://docs.babylonchain.io/papers/btc_staking_litepaper(CN).pdf
2) "Is Babylon the Sky Garden of Bitcoin? 》https://x.com/cmdefi/status/1784895591782195229
3) 《Babylon’s Vernacular Analysis》https://twitter.com/Eth527/status/1788435578553561320
4) 《Bitcoin Staking Solution Babylon In-depth analysis》https://mp.weixin.qq.com/s?__biz=MzUxNDY5NjkwMA==&mid=2247487676&idx=1&sn=8e0339926ec9fc6abef9b9a44c02482d&chksm=f940a317ce372a01f034929c19ffb5d64afd5d4539355f9dcee9b08b9b4fa8f2b26c76ca5bf9
5) 《“Three chains in one”, undervalued Babylon》https://www.binance.com/zh-CN/square/post/8042622710114
📌 One more thing to say at the end
- After this round of runes, I feel more and more the importance of “daring to hold a heavy position”. If you cast a wide net and participate in every project, the final rate of return may be similar to the increase of the market. The rate of return cannot be higher than investing heavily in a high-quality project.
- But how can you motivate yourself and have the confidence to invest heavily in a project? If you are very gambling and dare to go all-in on any project, you probably won't read this article. For crypto users who are not naturally gambling, I think it's stupid, but the only way is: do in-depth investment research in the early stage, communicate with people who know the industry, and have a deeper understanding of the project.
