Babylon Launches Bitcoin Staking Protocol Mainnet on August 22, 2024
Babylon, a self-hosted Bitcoin staking protocol, has announced the launch of its mainnet on August 22, 2024. This marks a significant step towards introducing a new use case for Bitcoin within the decentralized finance market.
Introduction of Babylon’s Bitcoin Staking Protocol
The Babylon protocol is set to revolutionize the staking space by allowing users to stake their Bitcoin in a self-hosted environment. Co-founder Fisher Yu believes that this launch will provide users with a third native use case for Bitcoin, adding collateral for both value storage and payments.
Benefits of the Mainnet Launch
The mainnet launch of Babylon brings forth the opportunity for proof-of-stake networks to leverage the security of the $1 trillion Bitcoin network. This will enable projects to access and utilize the ecosystem, fostering innovation in layer 2 chains, data availability layers, and oracles.
Support and Funding
Babylon has received strong support from the crypto community, with a recent funding round of $70 million led by Paradigm. The mainnet is backed by over 200 finality providers, including prominent names such as Allnodes, Galaxy Digital, and Stakefish. Additionally, top wallets like Binance and OKX Web3 Wallets are onboard to support the project.
