- 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 fee, 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 declares Bitcoin staking mainnet
In an announcement on Monday, the protocol revealed its mainnet launch will go stay on August 22, 2024. The primary part of the mainnet will permit BTC holders to stake their cash with the self-custodial protocol.
🔶🔒 Countdown to Babylon Bitcoin Staking Mainnet launch has begun!
🔑 Self-custodial Bitcoin Staking
🛡️ Bitcoin safety for PoS Techniques
⚡ 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 permit proof-of-stake networks to faucet into the $1 trillion bitcoin community safety. Initiatives that may acquire entry to and utilise this ecosystem embody layer-2 chains, knowledge availability layers and oracles.
“This launch leads to the third native use-case of Bitcoin, the asset beside value storage and simple payment: stake to secure networks and earn,” Fisher Yu, co-founder of the Babylon challenge, stated. “We expect this to enhance the crypto-economic security of PoS chains and other decentralised applications, offering them a more secure and reliable infrastructure, while at the same time unlocking the value 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 acquired help from prime wallets corresponding to Binance Web3 Pockets, OKX Web3 Pockets, Bitget Pockets, Keystone and TomoWallet.