The initial quota for Binance Babylon Bitcoin staking has been fully subscribed, and Binance Wealth Management will provide additional quotas and an exclusive additional 12% Babylon points reward. Users can easily participate in the Babylon protocol and earn returns through their Binance accounts.
I just did some research on this, after all, I participated in the subscription at the first moment it went live, without understanding it in detail. I searched Twitter and found that I can claim a brand new and important BABYLOONG role. Although I still don't know what this role is useful for, it seems very impressive.
The announcement in the discard states that only users who complete staking through the Babylon protocol can go to Discord, verify their BTC address, and obtain the brand new and important BABYLOONG role. It is said that this role is very valuable, so don't miss out. Also, users who stake through LST partners, please don't worry. The official team is working hard to integrate relevant features, and you will soon be able to claim your role. Can someone share what this role is useful for?
Additionally, in the Binance Chain earning interface, you can already see 'My Points'. So what is the use of these points? By participating in Babylon Bitcoin staking, users will receive Babylon points. These points do not represent any form of currency or property, and are non-redeemable, non-refundable, and non-transferable. So how can these points be used? If you don't care about all that, is it better to have more points?
Additionally, the official announcement also mentioned:
Earning on-chain is a high-risk product and does not guarantee principal or returns. It involves potential risks such as smart contract vulnerabilities, market fluctuations, and protocol failures. Users must independently bear these risks, and Binance is not responsible for any asset losses due to on-chain protocol issues.
The points obtained through on-chain earning are not tokens, have no monetary value, and cannot be converted into tokens or other assets. They are non-redeemable, non-refundable, and non-transferable. Binance determines the redemption and allocation of point rewards based on the progress of each protocol. We recommend that you research the on-chain protocol yourself to ensure you understand the uses and limitations of the points.
As of now, it will close after 478 blocks, with 38,179.46 BTC already staked and 9.32 BTC pending rights, with 106.41k rights holders.
For related links, see: https://btcstaking.babylonlabs.io/
