Babylon Launches Bitcoin Staking Mainnet on August 22, 2024
Babylon, a self-hosted Bitcoin staking protocol, has announced the launch of its mainnet on August 22, 2024. This milestone marks a significant step for the platform as it aims to tap into the growing decentralized finance market on the Bitcoin network.
Self-Hosted Bitcoin Staking Protocol
The Babylon mainnet launch signifies the introduction of a third native use case for Bitcoin, according to co-founder Fisher Yu. This new use case adds to Bitcoin’s existing roles as a store of value and a means of payment, providing users with the opportunity to stake their Bitcoin to secure the network and earn rewards.
Moreover, the protocol’s launch is set to enable proof-of-stake networks to leverage the security of the $1 trillion Bitcoin ecosystem. This move opens up new possibilities for projects utilizing layer 2 chains, data availability layers, and oracles.
Support and Funding
Babylon has raised $70 million in a funding round led by Paradigm, a crypto venture capital firm. The mainnet is backed by over 200 finality providers, including Allnodes, Galaxy Digital, P2P, Figment, Luganodes, and Stakefish. Additionally, top wallets supporting the project include Binance Web3 Wallet, OKX Web3 Wallet, Bitget Wallet, Keystone, and TomoWallet.
The Babylon team is excited about the potential of self-custodial Bitcoin staking to enhance the security and reliability of decentralized applications, further unlocking the value of the vast Bitcoin network.
