Bitcoin staking protocol Babylon launched the first phase of its self-hosted Bitcoin (BTC) staking mainnet yesterday (22nd). Users can pledge BTC through smart contracts. Shortly after opening staking, Babylon announced that the initial total staking cap of 1,000 BTC had been reached.
Babylon’s website shows that there are 12,720 stakers on the platform, executing more than 20,610 staking orders. According to the announcement, Babylon’s Bitcoin staking mainnet will be launched in three phases, and the staking limit will be relaxed as the first phase progresses.
We’ve reached our staking cap! A massive thank you to everyone who participated in this groundbreaking launch. The future of Bitcoin staking is here, and it's stronger than ever!Stay tuned for more updates on the next events of the Babylon Bitcoin Staking mainnet!… pic.twitter.com/dTMVU8S7ZX
— Babylon (@babylonlabs_io) August 22, 2024
According to previous reports, the goal of the Babylon staking mechanism is to apply the economic security of Bitcoin to strengthen various decentralized systems under the self-custody model, allowing users to maintain control of their assets without intermediaries. These systems Including sovereign PoS chains, Layer 2 networks (L2s), Data Availability (DA) solutions and oracles.
Babylon wrote on the
Babylon raised $70 million in a new round of funding in May led by venture capital firm Paradigm. And in December 2023, Polychain Capital and Hack VC co-led its $18 million Series A funding round. In addition, Babylon has previously received investment from Binance Labs.
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