- The protocol for staking Bitcoin Babylon’s self-custodial mainnet has begun operation with the first phase.
- 12,710 stakers have already registered on the platform, participating in over 20,600 staking delegations.
Phase one of the self-custodial mainnet has been deployed by the Bitcoin staking protocol Babylon.
Users of Babylon can now utilize smart contracts to stake Bitcoin. According to Babylon’s website, the platform has already attracted 12,710 stakers who have completed over 20,600 staking delegations.
Along with value storage and straightforward payments, the Babylon Bitcoin Staking Mainnet launch brings with it the third native use case for the asset: staking to protect PoS networks and generate rewards. The protocol announced this on the social media site X on Thursday.
Babylon hinted at the August 21 self-custodial mainnet launch as part of its gradual rollout schedule.
Babylonian capital
Crypto venture capitalists have shown a strong interest in Babylon. The company raised $18 million in Series A fundraising in December 2023, with the help of Polychain Capital and Hack VC. Two months later, Binance Labs contributed an undisclosed amount to the funding round.
Later, in late May of this year, Babylon raised an additional $70 million in funding, spearheaded by Paradigm and supported by Bullish Capital, Polychain Capital, Hashkey Capital, Mantle, Galaxy, and Hack VC.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
