Topic: [2024-08-20] Babylon Launches Trustless Bitcoin Staking Protocol on Mainnet (Read 67 times)

Babylon Launches Trustless Bitcoin Staking Protocol on Mainnet

Babylon has launched its bitcoin staking protocol on mainnet, marking a significant step in integrating Bitcoin’s security into proof-of-stake (PoS) ecosystems. The launch is set to provide bitcoin holders with new staking opportunities, leveraging the network’s decentralized nature.

Bitcoin Staking Protocol by Babylon Goes Live

Babylon‘s mainnet launch introduces a staking protocol that allows bitcoin (BTC) holders to lock their assets with a self-custodial script, aiming to enhance the security of PoS networks. The initial phase will cap the staking supply at 1,000 bitcoins, with over 200 finality providers, similar to PoS validators, supporting the system.

These providers will receive voting power delegations and can earn commissions from staking rewards. The mainnet is integrated with several prominent wallets, such as Binance Web3 Wallet and the Okx Web3 Wallet, enhancing accessibility for users.

“We are thrilled to announce the launch of the mainnet, a major step in our mission to make the largest crypto asset the security backbone of PoS systems,” David Tse, the co-founder of the Babylon project remarked during the announcement. “Our team is dedicated to advancing the utility of Bitcoin beyond its traditional roles.”

The protocol also incorporates liquid staking token protocols like Acorn and Babypie. This development follows Babylon’s earlier milestones, including the world’s first trustless bitcoin staking testnet, which attracted over 100,000 stakers within 48 hours. The project’s co-founders emphasize the protocol’s potential to evolve Bitcoin’s utility, positioning it as a security backbone for PoS systems while unlocking value from the leading crypto asset’s $1 trillion ecosystem.

Source: https://news.bitcoin.com/babylon-launches-trustless-bitcoin-staking-protocol-on-mainnet/