- Babylon, the self-custodial Bitcoin staking protocol, will launch its mainnet on August 22, 2024.
- The launch brings a “third native use-case of Bitcoin” to customers, including staking to its retailer of worth and cost, Fisher Yu, co-founder of Babylon, stated.
Babylon, a self-custodial Bitcoin staking protocol, has introduced the launch of its phase-1 mainnet because it eyes the rising decentralised finance market on the main blockchain community.
Babylon broadcasts Bitcoin staking mainnet
In an announcement on Monday, the protocol revealed its mainnet launch will go dwell on August 22, 2024. The primary section of the mainnet will enable BTC holders to stake their coins with the self-custodial protocol.
🔶🔒 Countdown to Babylon Bitcoin Staking Mainnet launch has begun!
🔑 Self-custodial Bitcoin Staking
🛡️ Bitcoin safety for PoS Methods
⚡ On-demand Unbonding
💎 Leverages $1T+ idle Bitcoin Capital📖 Learn the announcement: https://t.co/awTMV1c5Q6
🔒 Staking Dashboard:… pic.twitter.com/TItPoUbLv2
— Babylon (@babylonlabs_io) August 19, 2024
In the meantime, upcoming phases will see the Bitcoin protocol enable proof-of-stake networks to faucet into the $1 trillion bitcoin community safety. Initiatives that may acquire entry to and utilise this ecosystem embrace layer-2 chains, information availability layers and oracles.
“This launch results in the third native use-case of Bitcoin, the asset beside worth storage and easy cost: stake to safe networks and earn,” Fisher Yu, co-founder of the Babylon challenge, stated. “We anticipate this to reinforce the crypto-economic safety of PoS chains and different decentralised purposes, providing them a safer and dependable infrastructure, whereas on the similar time unlocking the worth from the idle, unencumbered $1 trillion Bitcoin ecosystem.”
Babylon’s announcement comes after the platform raised $70 million in a funding spherical led by crypto enterprise capital agency Paradigm. Mainnet is supported by greater than 200 finality suppliers, together with Allnodes, Galaxy Digital, P2P, Figment, Luganodes, and Stakefish.
The challenge has additionally obtained help from high wallets reminiscent of Binance Web3 Pockets, OKX Web3 Pockets, Bitget Wallet, Keystone and TomoWallet.