The Babylon
Bitcoin Staking Mainnet Phase-1 launch represents a
major milestone in the integration of Bitcoin's
security into the proof-of-stake (PoS) ecosystem.
TORTOLA, British Virgin Islands, Aug. 19,
2024 /PRNewswire-PRWeb/ -- Babylon, the self-custodial
Bitcoin Staking Protocol that aims to build a
Bitcoin-secured decentralized world, will
launch Phase-1 mainnet on August 22,
2024. Following its $70M
raise, led by Paradigm, the Babylon Bitcoin Staking Mainnet
launch represents a major milestone in the integration of
Bitcoin's security into the proof-of-stake (PoS)
ecosystem. Babylon
Bitcoin Staking Protocol allows Proof-of-Stake ("PoS")
systems such as PoS chains, L2s, Data Availability (DA) layers,
oracles, etc. to gain staking from Bitcoin, the
largest, decentralized crypto asset in
the world.
"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."
Babylon Bitcoin
Staking Mainnet will be launched in phases. The upcoming Phase-1
will address the supply side of the two-sided market by allowing
Bitcoin holders to lock their bitcoins with the
self-custodial Bitcoin staking script on the
Bitcoin chain. Future phases of the
Bitcoin protocol will let PoS networks launch with the
crypto-economic security of staked bitcoins.
To maximize system security, the Bitcoin staking
system will have an initial cap of 1,000 bitcoins. The Babylon Bitcoin Staking Mainnet
is supported by over 200 finality providers, which are similar to
PoS validators in that they receive voting power delegations from
BTC stakers and can earn commission from the staking rewards. The
mainnet integrates finality providers, including industry leaders,
such as Allnodes, Figment, Galaxy Digital, Luganodes, P2P,
Stakefish, and more.
Leading wallets, including Binance Web3 Wallet,
Bitget Wallet, Imtoken, Keystone, OKX Web3 Wallet, OneKey Wallet,
and TomoWallet, have integrated with the Babylon Bitcoin staking
ecosystem, enhancing accessibility and user experience.
Additionally, the mainnet integrates Liquid Staking Token protocols
(LST's), such as Acorn, Babypie, Bedrock, Chakra, Kinza, Lombard,
Lorenzo, Nomic, pSTAKE, PumpBTC, Solv, demonstrating a commitment
to fostering a diverse and resilient Bitcoin staking
ecosystem.
David Tse, Co-founder of the
Babylon project, said, "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. Our team is dedicated to advancing the
utility of Bitcoin beyond its traditional roles."
Fisher Yu, Co-founder of the Babylon project, said, "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. We expect this to enhance the crypto-economic
security of PoS chains and other decentralized
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."
Binance Web3 Wallet representative said,
"Binance Web3 Wallet is thrilled to be among the first
to support Babylon's mainnet
launch. Our goal has always been to provide users with seamless
access to on-chain explorations while supporting top-tier projects
in their early growth stages."
Jason Lau, OKX Chief Innovation
Officer, said, "For over 10 years, we've been at the forefront of
supporting Bitcoin innovation and growth, focusing on
expanding access to and increasing the usage of
Bitcoin. With the launch of the Babylon Bitcoin Staking Protocol,
OKX Wallet's web extension users will now have seamless access to a
new use-case for their self-custodied Bitcoin. We
can't wait to see how the community builds on this new
primitive."
Alex Esin, Chief Executive
Officer, P2P said, "We are incredibly excited about the opportunity
to support and actively participate in the development of
Babylon. From the first testnet to
the mainnet. It opens up incredible opportunities for BTC holders
and contributes to a significant transformation of the BTC-based
DeFi landscape. A historic moment!"
Jacob Phillips, Co-Founder,
Lombard said, "By enhancing the supply side into Babylon, Lombard will enable
Bitcoin holders and institutions to earn yield by
staking their BTC with the Babylon
protocol, as well as also providing them with a
DeFi-compatible liquid asset they can deploy across
protocols. This dual benefit unlocks new possibilities for
Bitcoin in the decentralized economy,
potentially allowing billions in bitcoin into the Web3
ecosystem."
Babylon's journey has been
marked by significant milestones, including the launch of the
world's first trustless Bitcoin staking testnet in
February 2024. The testnet, which saw
over 100,000 stakers within 48 hours, demonstrated the platform's
potential to evolve Bitcoin into the security backbone
of PoS systems. This achievement not only showcases the
Babylon protocol's technical
prowess but also its commitment to creating a secure,
decentralized economy.
To track the countdown to mainnet launch, follow @babylonlabs_io
on X. For more information about Babylon, please visit the website.
For media inquiries, please contact Dayana Aleksandrova at (310) 260-7901 or
dayana(at)melrosepr(dot)com.
About Babylon
Babylon is a project that designs
Bitcoin security sharing protocols with a vision of
building a Bitcoin-secured decentralized
world. Its latest development is the world's first trustless and
self-custodial Bitcoin staking protocol, which enables
Bitcoin holders to stake their BTC on Proof-of-Stake
(PoS) systems such as PoS chains, L2s, Data Availability (DA)
layers, etc, enabling them to earn yield without the need for
third-party custody, bridge solutions, or wrapping services.
Babylon's approach combines the
high security and wide adoption of Bitcoin with the
efficiency and scalability of PoS systems, increasing
Bitcoin's utility. Babylon was founded in 2022 by Stanford
Professor David Tse and Dr. Fisher
Yu. Professor Tse is a member of the U.S. Academy of Engineering
and is renowned as the inventor of the legendary proportional-fair
scheduling algorithm for wireless communications. Babylon is led by a team of consensus protocol
researchers and experienced layer 1 engineers from around the
world.
For more information about the Babylon project, please visit:
Website: http://www.babylonlabs.io Twitter:
https://twitter.com/babylonlabs_io
Media Contact
Dayana Aleksandrova, Babylon
Labs, (310) 260-7901, dayana@melrosepr.com,
https://babylonlabs.io/
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SOURCE Babylon Labs