- 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 users, adding staking to its store of value and payment, Fisher Yu, co-founder of Babylon, said.
Babylon, a self-custodial Bitcoin staking protocol, has announced the launch of its phase-1 mainnet as it eyes the growing decentralised finance market on the leading blockchain network.
Babylon announces Bitcoin staking mainnet
In an announcement on Monday, the protocol revealed its mainnet launch will go live on August 22, 2024. The first phase of the mainnet will allow BTC holders to stake their coins with the self-custodial protocol.
🔶🔒 Countdown to Babylon Bitcoin Staking Mainnet launch has begun!
🔑 Self-custodial Bitcoin Staking
🛡️ Bitcoin security for PoS Systems
⚡ On-demand Unbonding
💎 Leverages $1T+ idle Bitcoin Capital📖 Read the announcement: https://t.co/awTMV1c5Q6
🔒 Staking Dashboard:… pic.twitter.com/TItPoUbLv2
— Babylon (@babylonlabs_io) August 19, 2024
Meanwhile, upcoming phases will see the Bitcoin protocol allow proof-of-stake networks to tap into the $1 trillion bitcoin network security. Projects that can gain access to and utilise this ecosystem include layer-2 chains, data availability layers and oracles.
“This launch leads to the third native use-case of Bitcoin, the asset beside value storage and simple payment: stake to secure networks and earn,” Fisher Yu, co-founder of the Babylon project, said. “We expect this to enhance the crypto-economic security of PoS chains and other decentralised applications, offering them a more secure and reliable infrastructure, while at the same time unlocking the value from the idle, unencumbered $1 trillion Bitcoin ecosystem.”
Babylon’s announcement comes after the platform raised $70 million in a funding round led by crypto venture capital firm Paradigm. Mainnet is supported by more than 200 finality providers, including Allnodes, Galaxy Digital, P2P, Figment, Luganodes, and Stakefish.
The project has also received support from top wallets such as Binance Web3 Wallet, OKX Web3 Wallet, Bitget Wallet, Keystone and TomoWallet.