Babylon Launches Self-Custodial Mainnet, Bringing Bitcoin Staking to the PoS Ecosystem
- WBOYOriginal
- 2024-08-23 03:11:08914browse
On August 22, Babylon, a pioneering Bitcoin staking system, marked a significant milestone with the launch of the first phase of its self-custodial mainnet.
Babylon, a pioneering Bitcoin staking system, has officially launched the first phase of its self-custodial mainnet on August 22.
This development marks a significant step in expanding Bitcoin's utility and offering users a novel way to generate passive income.
Upon launching its staking program, Babylon has notably driven up Bitcoin transaction fees. Commencing at less than $1 on August 22, the average fee surged to an astonishing $137 as the staking system went live.
According to CryptoQuant analyst J.A. Maartun, this drastic increase can be attributed to a rush of users eager to participate, leading to a fee bidding war and pushing transaction costs close to $140.
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— Maartunn (@JA_Maartun) August 22, 2024
This initiative by Babylon aims to introduce Bitcoin into a proof-of-stake (PoS) ecosystem, allowing users to stake their crypto directly on PoS networks and earn yield.
The initial "locking-only phase" of Babylon's staking system has already reached capacity, with over 12,700 stakers and 20,610 solo delegates participating.
This rapid uptake highlights growing interest and confidence in the platform's potential. The successful launch of Babylon's staking program underscores its ambition to redefine Bitcoin's role in the broader crypto landscape, particularly within decentralized finance (DeFi).
This move aligns with increasing institutional interest in cryptocurrencies, as evidenced by recent approvals of Bitcoin spot ETFs and significant institutional investment.
Babylon's funding journey has been equally impressive. Following a $18 million Series A round in December 2023, the platform secured an additional $70 million in funding in late May 2024, led by Paradigm and supported by other prominent investors.
This financial backing reinforces the project's potential and solidifies its place in the evolving Bitcoin ecosystem.
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