Babylon is a decentralized Bitcoin staking protocol that allows users to stake BTC directly on the Bitcoin blockchain without cross-chain bridges or third-party custody. Its innovative shared security mechanism transmits Bitcoin's solid security to other blockchains, enabling BTC holders to earn rewards through staking while providing robust security support for multi-chain networks.
Project Advantages
1. Activate idle assets in the BTC network, promoting the prosperity of the BTC ecosystem
Bitcoin occupies half of the cryptocurrency market assets, but its utilization has been low for a long time. BTC holders, for security reasons, are generally reluctant to move assets out of wallets, especially as the Bitcoin mainnet is Turing incomplete and cannot achieve secure cross-chain transactions like Ethereum through smart contracts. Babylon addresses this pain point by designing a trustless self-custody staking protocol that allows users to securely stake BTC while fully controlling their private keys, enhancing the security of PoS chains using PoW hash power. This multi-benefit mechanism not only 'activates' BTC but also promotes the prosperity of the Bitcoin ecosystem, gaining wide recognition in the market.
2. Bitcoin timestamps and staking protocols are the two main pillars of the technology's establishment
For PoS chains, especially networks adopting Byzantine fault tolerance mechanisms, 2/3 of voting confirmations are susceptible to fork attacks. Traditional solutions rely on lengthy unbinding periods to bind stakeholders. Babylon migrates the block checkpoints of PoS chains to the Bitcoin network, preventing remote attacks through Bitcoin timestamps—any fork attempts are rejected due to inconsistent timestamps, and the cost of attacks becomes unbearable due to PoW characteristics. Meanwhile, its remote staking protocol locks BTC through Bitcoin Covenant Emulation and enforces penalties in case of violations, significantly shortening unbinding time and enhancing censorship resistance. These two technological pillars establish Babylon's core competitiveness.
3. Spanning BTC and multi-chain ecosystems, empowering the security of Cosmos
Babylon is not limited to traditional staking or feature layer networks (such as Eigenlayer), but is an innovative representative of cross-chain staking. It does not rely on Bitcoin assets themselves, but utilizes the PoW hash power of the BTC network to provide secure sharing for PoS chains. Its cross-chain communication technology is based on the Cosmos ecosystem, and its deep integration with Cosmos makes it an important booster for the latter's security. By embracing Babylon's innovations, the Cosmos chain significantly enhances its attack resistance, benefiting the entire ecosystem.
BAB HODLer Airdrop Details
Token Name: Babylon (BABY)
Total supply of genesis tokens: 10,000,000,000 BABY
Total amount of HODLer airdrop tokens: 75,000,000 BABY (accounting for 0.75% of the total supply of the genesis token)
Circulating supply at the time of listing on Binance: 2,294,036,491 BABY (accounting for 22.90% of the total supply at the time of listing)
Total token supply at the time of listing on Binance: 10,015,636,491 BABY
Funding Situation
Seed round (2023): Funding amount is $8 million, led by Polychain Capital.
Series A (December 2023): Funding amount is $18 million, led by Polychain Capital and Hack VC.
Latest round (May 2024): Funding amount is $70 million, led by Paradigm, with participants including Polychain Capital, Bullish Capital, Hack VC, and other well-known institutions.
Summary
Babylon abstracts the PoW security of BTC into a shared resource of the multi-chain ecosystem through its Bitcoin staking protocol, breaking the limitations of its 'value storage'. It allows BTC holders to participate in the PoS ecosystem under self-custody, enhancing network security while creating liquidity rewards. For example, you can stake BTC with Babylon to support the Cosmos chain while enjoying efficient unbinding and rewards.
