1. Project Overview
Babylon is an innovative blockchain project that aims to leverage the security of Bitcoin to provide security for other Proof of Stake (PoS) blockchains. By allowing Bitcoin holders to stake their idle Bitcoins, Babylon provides economic security for PoS chains while enabling Bitcoin holders to earn staking returns. The core of the Babylon protocol architecture is a Cosmos IBC-compatible PoS blockchain built on the Cosmos SDK, which enables data aggregation and communication between the Bitcoin chain and other Cosmos application chains.
Token Model
Babylon's native token is BABY, and its token model has the following characteristics:
1. Total volume and inflation rate:
• Total Genesis Token Supply: 10,000,000,000 BABY
• Maximum token supply: Unlimited (8% annual inflation in the first year, and from the second year onwards, the inflation rate is determined by governance proposal voting)
2. Airdrop Allocation:
• Total HODLer airdrop tokens: 75,000,000 BABY (0.75% of the total Genesis token supply)
• An additional 121,600,000 BABY will be distributed in batches for marketing activities 6 months after spot listing
3. Listing and Trading:
• Launch date: April 10, 2025 (GMT+8)
• Listed exchanges: Binance, EURUSD, etc.
• Trading pairs: USDT, USDC, BNB, FDUSD and TRY
4. Token usage:
• BABY is mainly used for transaction fees, on-chain governance and security pledge.
• BABY is also a gas fee token and governance token, participating in the governance and decision-making of the Babylon network.
5. Allocation plan:
• Private equity investors accounted for 30.5%
• Team 15%
• Community incentives and ecosystem construction account for 15% and 18% respectively
3. Project Advantages
1. Staking without an intermediary:
• Babylon allows Bitcoin holders to stake their assets directly on the Bitcoin network, without the need for intermediaries, bridges, token wrappers, third-party escrows, or oracles. This reduces the risk and complexity of the staking process.
2. Enhanced Security:
• Babylon leverages the security of Bitcoin’s Proof of Work (PoW) mechanism to provide security for other PoS chains. Through the Bitcoin staking protocol, Babylon improves the PoS chain’s ability to resist attacks.
3. Efficient staking and redemption:
• Babylon adopts a remote staking method that shortens the staking cycle through Bitcoin’s timestamp mechanism, allowing pledgers to withdraw their assets faster.
4. Cross-chain interoperability:
• The Babylon blockchain is compatible with Cosmos IBC, enabling data aggregation and communication between the Bitcoin chain and other Cosmos application chains, promoting interoperability between different blockchains.
5. Strong technical team:
• The Babylon team is composed of researchers from well-known universities such as Stanford University (https://baike.baidu.com/item/%E6%96%AF%E5%9D%A6%E7%A6%8F%E5%A4%A7%E5%AD%A6/278716) and experienced developers. The core technical personnel and consultants have strong technical backgrounds.
4. Financing
The Babylon project has achieved remarkable results in financing and has won the favor and support of many top venture capital institutions:
1. Seed round financing:
• On May 22, 2023, Babylon announced the completion of a $8.8 million seed round of financing, led by IDG and Breyer Capital.
2. Series A financing:
• On December 7, 2023, Babylon announced the completion of an $18 million Series A financing round led by Polychain Capital and Hack VC, with other participants including Framework Ventures, Polygon Ventures, Castle Island Ventures, OKX Ventures and Symbolic Capital.
3. Series B financing:
• On May 30, 2024, Babylon announced the completion of a US$70 million Series B financing round, led by Paradigm, with other participants including Bullish Capital, Polychain Capital, Hashkey Capital, Mantle, Galaxy, Hack VC and other companies.
4. Binance Venture Capital:
• In February 2024, the Babylon project received an investment from Binance Labs, the venture capital and incubation arm of Binance, but the specific amount was not disclosed.
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