Babylon Chain, a network designed to enhance blockchain security by incorporating Bitcoin features into PoS chains, has achieved a significant milestone with total deposits surpassing $3 billion.
According to data from Dune, Babylon has recorded total deposits of over 39,149 BTC, equivalent to nearly $3.9 billion, with more than 106,000 depositors participating. In the past week, the amount of Bitcoin deposited on this platform has surged by 51.4%.
On December 10 and 11, Babylon witnessed Bitcoin deposits reaching $1.2 billion within 48 hours, with $834 million deposited on December 10 and $350 million on December 11. The number of depositors also increased significantly, from about 48,000 on December 10 to 62,230 on December 11.
This success follows a report from early October when Babylon Chain recorded approximately 23,000 BTC, equivalent to $1.4 billion, locked on the platform. The project operates as a bridge, providing a marketplace for users wanting to lock Bitcoin to earn rewards, while also enhancing security for blockchain networks utilizing the PoS mechanism.
Babylon Chain is designed to integrate the security features of Bitcoin – including PoW timestamps, asset liquidity, and censorship-resistant block space – into other blockchain ecosystems. Through the security sharing protocol, Babylon allows decentralized networks to inherit Bitcoin's robust security, thereby ensuring that PoS chains and DApps operate safely and effectively without needing to trust any intermediaries.
