- Babylon, the self-custodial Bitcoin staking protocol, will release its mainnet on August 22, 2024.
- The release brings a “3rd local 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 release of its phase-1 mainnet because it eyes the rising decentralised finance marketplace at the main blockchain community.
Babylon publicizes Bitcoin staking mainnet
In a press release on Monday, the protocol published its mainnet release will cross continue to exist August 22, 2024. The primary section of the mainnet will permit BTC holders to stake their cash with the self-custodial protocol.
🔶🔒 Countdown to Babylon Bitcoin Staking Mainnet release 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:… percent.twitter.com/TItPoUbLv2
— Babylon (@babylonlabs_io) August 19, 2024
In the meantime, upcoming levels will see the Bitcoin protocol permit proof-of-stake networks to faucet into the $1 trillion bitcoin community safety. Initiatives that may acquire get right of entry to to and utilise this ecosystem come with layer-2 chains, information availability layers and oracles.
“This release results in the 3rd local use-case of Bitcoin, the asset beside worth garage and easy fee: stake to safe networks and earn,” Fisher Yu, co-founder of the Babylon undertaking, stated. “We predict this to toughen the crypto-economic safety of PoS chains and different decentralised packages, providing them a extra safe and dependable infrastructure, whilst on the identical time unlocking the worth from the idle, unencumbered $1 trillion Bitcoin ecosystem.”
Babylon’s announcement comes after the platform raised $70 million in a investment spherical led via crypto project capital company Paradigm. Mainnet is supported via greater than 200 finality suppliers, together with Allnodes, Galaxy Virtual, P2P, Figment, Luganodes, and Stakefish.
The undertaking has additionally won beef up from best wallets comparable to Binance Web3 Pockets, OKX Web3 Pockets, Bitget Pockets, Keystone and TomoWallet.