Babylon's core philosophy
Babylon is creating a decentralized ecosystem that leverages Bitcoin's security, providing a bridge for users and developers to collaborate across chains. Its core philosophy is to extend Bitcoin's assets and security to Proof-of-Stake networks, allowing Bitcoin holders to participate in protecting other blockchains through staking and earn rewards while enhancing the attack resistance of PoS chains.
In simple terms, Babylon is a connector between the Bitcoin and multi-chain world, breaking down the security and functionality barriers between different blockchains.
An account activates Bitcoin's potential: through Bitcoin staking, users can participate in a multi-chain ecosystem without bridging assets, saying goodbye to complex cross-chain operations.
Reducing PoS chain security risks: leveraging Bitcoin's strong security to enhance PoS networks' resistance to forks and long-range attacks.
Promoting seamless collaboration: enabling Bitcoin to provide shared security for decentralized applications (dApps) and PoS chains.
Babylon's achievements
Babylon has attracted over 300,000 active users to participate in its testnet, showing widespread interest in its Bitcoin staking technology. The project's mainnet was launched on August 22, 2024, allowing users to stake Bitcoin directly through the Babylon platform or various LSTs (protocols) and earn rewards. Its Bitcoin staking protocol has received support from top institutions including Binance Labs, Paradigm, and Polychain Capital. Babylon is deeply integrated with the Cosmos ecosystem and plans to expand to more blockchain networks. The total funding reached $96 million, demonstrating strong market recognition of its potential.
Funding background
Total funding of at least $96 million:
2024-05-30: Completed $70 million funding, led by Paradigm, with participation from Polychain Capital, Bullish, and others.
2023-12-07: Completed $18 million Series A financing, led by Polychain Capital and Hack VC.
2023-02-29: Received strategic investment from Binance Labs, amount undisclosed.
2022-01: Completed $8 million seed round funding, specific investors not disclosed.
Investors
Binance Labs, Paradigm, Polychain Capital, Hack VC, Bullish, HashKey Capital, and others.
Babylon's vision and roadmap
Babylon's goal is to create a 'security-sharing' multi-chain world centered around Bitcoin, providing a solid foundation for the entire blockchain ecosystem through Bitcoin's decentralized characteristics. Its roadmap is divided into three steps:
Step one (already initiated): Launch the Bitcoin staking protocol mainnet, supporting users to stake BTC directly and providing security for PoS chains, with plans to optimize liquidity staking features in the future.
Step two (Q4 2025): Collaborate with more DeFi, gaming, and NFT projects to extend Bitcoin's security to broader application scenarios.
Step three (Q2 2026): Achieve full openness, allowing any PoS chain and developers to access Babylon's Bitcoin staking protocol, completely breaking down the cooperation barriers between Bitcoin and the multi-chain ecosystem, enhancing overall ecosystem security and user experience.
Summary
Babylon maximizes Bitcoin's potential through chain abstraction technology, providing users with a simple and secure staking experience, and offering developers infrastructure to enhance PoS chain security. Its $96 million funding and backing from top investment institutions highlight its leading position in the blockchain infrastructure field. For example, you can stake Bitcoin with Babylon to protect dApps in the Cosmos ecosystem or develop the next generation of cross-chain applications that rely on Bitcoin's security. This 'Bitcoin security magnifier' feature sets Babylon apart in the Web3 world and has the potential to change the decentralized economic landscape.
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