Self-custodial Bitcoin staking protocol Babylon pronounces mainnet

• Babylon, the self-custodial Bitcoin staking protocol, will launch its mainnet on August 22, 2024.
• The launch brings a “third native 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 launch of its phase-1 mainnet because it eyes the rising decentralised finance market on the main blockchain community.

Babylon pronounces Bitcoin staking mainnet

In an announcement on Monday, the protocol revealed its mainnet launch will go reside on August 22, 2024. The primary section of the mainnet will enable BTC holders to stake their cash with the self-custodial protocol.

🔶🔒 Countdown to Babylon Bitcoin Staking Mainnet launch 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:… pic.twitter.com/TItPoUbLv2

— Babylon (@babylonlabs_io) August 19, 2024

In the meantime, upcoming phases will see the Bitcoin protocol enable proof-of-stake networks to faucet into the $1 trillion bitcoin community safety. Tasks that may acquire entry to and utilise this ecosystem embrace layer-2 chains, knowledge availability layers and oracles.

“This launch results in the third native use-case of Bitcoin, the asset beside worth storage and easy fee: stake to safe networks and earn,” Fisher Yu, co-founder of the Babylon mission, stated. “We count on this to boost the crypto-economic safety of PoS chains and different decentralised functions, providing them a safer and dependable infrastructure, whereas 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 funding spherical led by crypto enterprise capital agency Paradigm. Mainnet is supported by greater than 200 finality suppliers, together with Allnodes, Galaxy Digital, P2P, Figment, Luganodes, and Stakefish.

The mission has additionally acquired assist from high wallets similar to Binance Web3 Pockets, OKX Web3 Pockets, Bitget Pockets, Keystone and TomoWallet.