- Babylon, a self-governing Bitcoin betting protocol, will launch its mainnet on August 22, 2024.
- The launch brings a “third native use case for bitcoin” to customers, including stakes to its retailer of worth and fee, mentioned Fisher Yu, co-founder of Babylon.
Babylon, a self-governing Bitcoin staking protocol, has introduced the launch of its Section 1 mainnet because it pursues a rising decentralized monetary market on the main blockchain community.
Babylon publicizes Bitcoin staking mainnet
In Monday's announcement, the protocol revealed that its mainnet launch will likely be launched on August 22, 2024. The primary section of the mainnet will permit BTC holders to stake their cash utilizing the self-governing protocol.
🔶🔒 The countdown to the launch of the Babylon Bitcoin Staking Mainnet has begun!
🔑 Personal bitcoin custody
🛡️ Bitcoin safety for PoS methods
⚡ Disconnect on demand
💎 Makes use of unused bitcoin capital of 1 thousand. $📖 Learn the announcement: https://t.co/awTMV1c5Q6
🔒 Staking Dashboard:… pic.twitter.com/TItPoUbLv2
— Babylon (@babylonlabs_io) August 19, 2024
In the meantime, within the coming phases, the Bitcoin protocol will permit proof-of-stake networks to benefit from the safety of the $1 trillion Bitcoin community. Initiatives that may entry and use this ecosystem embody layer 2 chains, knowledge availability layers, and oracles.
“This launch results in a 3rd native use case for Bitcoin, an asset along with retailer of worth and easy fee: deposit for community safety and earnings,” mentioned Fisher Yu, co-founder of Undertaking Babylon. “We anticipate this to strengthen the crypto-economic safety of PoS chains and different decentralized functions, providing them a safer and dependable infrastructure whereas unlocking worth from the $1 trillion dormant, unencumbered Bitcoin ecosystem.”
Babylon's announcement comes after the platform raised $70 million in a funding spherical led by crypto enterprise capital agency Paradigm. The mainnet is supported by over 200 finality suppliers, together with Allnodes, Galaxy Digital, P2P, Figment, Luganodes and Stakefish.
The challenge has additionally obtained help from high wallets akin to Binance Web3 Pockets, OKX Web3 Pockets, Bitget Pockets, Keystone and TomoWallet.
