Shared security expanded into the Bitcoin space! Babylon and pSTAKE Liquid Staking Solution

This site (120btC.coM): With the rapid development of blockchain technology, the concept of shared security has received more and more attention. Ethereum’s EigenLayer shows how security can be shared with other blockchains by borrowing the security of its consensus layer. If this concept is applied to Bitcoin, what changes will it bring?

Extended to shared security in the Bitcoin field

Bitcoin, as "digital gold", has significant advantages in security and consensus mechanisms. Pan Zhixiong, founder of Chain Feeds, said that Babylon Chain uses middleware to borrow the security of Bitcoin to other PoS (Proof of Stake) chains, thereby proposing a new shared security method.

pSTAKE’s Bitcoin Liquid Staking Testnet is Online

Pan Zhixiong said that pSTAKE has recently launched a Bitcoin Liquid Staking Solution Testnet based on Babylon. This solution provides users with more income options and enables the original Bitcoin chain to be pledged without the risk of cross-chain assets. He also compiled related key technologies:

• EOT technology (Extractable One-Time Signatures): This technology implements a penalty mechanism similar to PoS on the Bitcoin network. If a signer uses the same private key to sign different messages, their private key will be disclosed, allowing the community to impose financial penalties for violations.

• TimeLock technology: This technology allows users to set a specific UTXO so that it cannot be used before a certain point in time or block height in the future. Combined with EOT technology, it ensures the security of locked Bitcoins on the Babylon platform. .

• Bitcoin timestamp protocol: Any data submitted to Babylon can obtain a Bitcoin timestamp. This can not only determine the orthodox fork after the PoS chain encounters a "long-range attack", but also unbundle the pledge of the PoS chain. The time was reduced from weeks to a day.

The current progress of Babylon and pSTAKE

Pan Zhixiong said that although Babylon has not yet been launched on the main network, its performance in Testnet-4 Cap3 has demonstrated its development potential, and the current total lock-up value has reached 708 SignetBTC , attracting more than 300,000 user participation.

As part of the Babylon ecosystem, pSTAKE has recently launched a Babylon-based Bitcoin liquidity staking solution testnet, which is also the only BTC LSD token on the market. Users pledge Bitcoin into the Babylon ecosystem through pSTAKE, and can participate in other DeFi ecosystems through the tokens obtained, thereby earning additional income. As of now, more than 20,000 users have participated in the pSTAKE test network, and the total amount of deposited Bitcoins exceeds 19.

Babylon and pSTAKE began to receive attention

Pan Zhixiong said that the development of Babylon and pSTAKE has also attracted the attention of Binance Research. In its recently released Industry Map Report, several projects such as Babylon, pSTAKE, BounceBit and Lorenzo were specifically mentioned as active in the field of Bitcoin liquidity staking.

According to current market data, Bitcoin’s total market value is approximately $1.249 trillion, which is more than three times the market value of Ethereum. This means that even if only 1% of Bitcoins are pledged, it would be enough to provide over 10 billion dollars in security to the market.

Babylon uses its unique technology to introduce Bitcoin to other ecosystems in a trustless way, showing great development potential. As an important participant in the Babylon ecosystem, pSTAKE provides users with diversified investment and income opportunities based on it. Currently, participating in its test network may be an opportunity to gain more income.

Pan Zhixiong believes that through these innovative technologies, Bitcoin can not only maintain its status as "digital gold", but also play a greater role in the broader blockchain ecosystem. The further development of Babylon and pSTAKE deserves our continued attention.

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