- On Wednesday, Babylon intends to activate Cap 3 on its Babylon Bitcoin Staking Testnet-4.
- The staking web dApp has a fee adjustment option that was added in response to user criticism.
- Earlier this month, Babylon raised $70 million to create a system that combines Bitcoin with other blockchains.
- MetaMask Portfolio allows you to compare quotes and optimize your staking strategy.
The Bitcoin staking protocol Babylon has revealed new features for its testnet, including the ability to automatically modify fees.
According to the report, input from the community was crucial in shaping several of the initiative’s principles.
Babylon to Open a New Testnet Chapter
The groundbreaking Bitcoin firm Babylon has said that on June 19, its BTC Staking Testnet-4 will open Cap 3. The study states that the cap will include a 120-hour window for stake submissions and will be time-bound.
It is in line with a pledge to combine the adaptable smart contracts of Proof-of-Stake (PoS) networks with the safe, decentralized character of Bitcoin. Earlier this month, Babylon raised $70 million in funding, demonstrating the growing faith of investors in the startup’s ability to revolutionize the staking economy.
In response to community input, Babylon has added a fee adjustment option to its staking web decentralized application (dApp), which will go live tomorrow. Stakeholders can increase their chances of having their staking transactions featured in the Signal block by using this method to customize the transaction cost to their needs.
At block height 200,665, when Signet BTC is live, the 5-day countdown will begin. At 9 a.m. UTC on June 24, the timer will end, essentially after 720 blocks at a block height of 201,385.
During this time, participants retain the ability to unstake and withdraw their investment as they see fit. They could also choose to wait out the maximum amount of time they can stake, which is up to 15 months. Any active stake can still be withdrawn after this period.
Babylon Enables PoS Networks with the Security and Decentralization of Bitcoin
With its introduction on Wednesday, Babylon will enable PoS networks like Ethereum and Solana to benefit from the security and decentralization of Bitcoin. With this, the firm is poised to open up new doors for investors and bitcoin consumers. More precisely, it might establish a standard for cross-chain integrations, strengthening the position of Bitcoin even more.
Utilizing Babylon’s staking system, the Layer-2 network Merlin Chain incorporates Bitcoin’s security into its network architecture.
Among the other intriguing additions are:
- Building gaming infrastructure on the Bitcoin blockchain, Game Plus, a chain of gaming apps based on Bitcoin, is making use of the Babylon Bitcoin staking protocol. Optimistic rollups and ZK proofs protected by the Bitcoin staking mechanism offered by Babylon are used in their Layer 2 solution.
- Within 30 minutes, the first specialized APIs for integrating Bitcoin staking via the Babylon protocol were released by custody provider Cobo Global.
Babylon’s approach has the potential to reconcile the decentralized aspect of Bitcoin with the adaptable smart contract features of proof of stake networks. Babylon’s goal of enabling Bitcoin security and building a safe DeFi environment is becoming closer to reality with each of these agreements.
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.
