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Babylon Unleashes Self-Custodial Bitcoin Staking: A New Era for $BTC

Babylon has launched the first phase of its self-custodial Bitcoin staking mainnet, allowing users to stake their $BTC via smart contracts without the need for third-party custodians. This launch has seen significant interest, with over 12,710 stakers already securing rewards through more than 20,600 delegations. The excitement around this new opportunity is reflected in the surge in Bitcoin transaction fees, which skyrocketed to $132 at launch, as everyone rushed to participate in this new staking ecosystem.

Backed by $70 million in funding, Babylon's mission is to transform Bitcoin into a security powerhouse for Proof-of-Stake (PoS) chains like Cosmos and Polygon, without the need for wrapping, bridging, or pegging. This self-custodial staking protocol not only offers rewards but also enhances security for the broader blockchain ecosystem. With fast unbonding and cross-chain compatibility, users can now engage with decentralized finance (DeFi) while maintaining liquidity, signaling a new era for Bitcoin as it evolves into a yield-bearing asset.

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