- The mainnet launch of Babylon’s bitcoin staking protocol is a major step toward incorporating the security of Bitcoin into proof-of-stake (PoS) ecosystems.
- With the introduction, holders of bitcoin should have additional staking chances, taking use of the decentralized nature of the network.
Bitcoin Staking Protocol Launches by Babylon
With the goal of improving PoS network security, Babylon’s mainnet launch incorporates a staking protocol that lets bitcoin (BTC) holders lock their holdings via a self-custodial script. Around 200 finality providers—essentially, PoS validators—will back the system during the first phase, which will cap the amount of bitcoins available for staking at 1,000.
These suppliers will be granted delegations of voting power and may be eligible to receive commissions from staking rewards. Users’ accessibility is improved by the mainnet’s integration with a number of well-known wallets, including the Okx Web3 Wallet and Binance Web3 Wallet.
We are overjoyed to declare the mainnet’s launch, a significant milestone in our goal to transform the biggest cryptocurrency asset into the secure foundation of PoS systems. During the announcement, Babylon project co-founder David Tse made a statement. Our group is committed to expanding Bitcoin’s usefulness beyond its conventional applications.
Acorn and Babypie, two token protocols for liquid staking, are also integrated within the protocol. This breakthrough builds on the achievements of Babylon in the past, such as the creation of the first trustless bitcoin staking testnet in history, which drew over 100,000 stakers in just 48 hours. The co-founders of the project highlight how the protocol may advance the use of Bitcoin by establishing it as the foundation of security for proof-of-work systems and releasing wealth from the $1 trillion ecosystem of the top cryptocurrency.
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.
