Babylon – the staking platform for Bitcoin – has officially launched its first Layer-1 network called Genesis, marking an important step in the journey of transforming Bitcoin from a 'stagnant' asset into a source of profit in the decentralized finance (DeFi) world.
Genesis – The first Layer-1 network secured by Bitcoin
The launch of the Genesis mainnet marks the second phase in the three-step development roadmap of #Babylon . Genesis is not just a Layer-1 blockchain; it is also the first network secured directly by Bitcoin, thanks to the integration of staking and timestamping mechanisms – two key factors to enhance safety and decentralization for the network.
Unlike most Layer-1 blockchains operating under the Proof of Stake (PoS) mechanism, Genesis leverages Bitcoin assets to provide a layer of security. Thus, Babylon is opening a new chapter where Bitcoin – often 'locked' in cold wallets or on exchanges – can become a truly profitable asset while maintaining its inherent decentralization.
#Genesis also acts as a central dashboard, supporting other networks to integrate BTC staking and providing liquidity for numerous decentralized applications (dApps).
Over 50,000 BTC have participated in staking – A new future for the world's largest digital asset
Since the Babylon mainnet launched in August 2024, more than 50,000 BTC (equivalent to about 4 billion USD) have been staked in the Babylon ecosystem. This is an impressive number, clearly demonstrating the community's demand for a solution that allows $BTC to generate passive income without needing to sell off assets.
Babylon's staking mechanism not only helps users benefit from idle BTC but also contributes to the operation and security of the network. This is a strategic turning point for the entire Bitcoin ecosystem, which has been seen as lacking flexibility in DeFi applications compared to PoS platforms like Ethereum.
Industry giants 'join the fray' – Babylon attracts industry-wide attention
Not only receiving support from the community, but Babylon is also attracting a host of big names in the crypto industry to join its ecosystem. Many reputable organizations such as BitGo, Anchorage, Binance Wallet, OKX Wallet, and the decentralized exchange Osmosis (part of the Cosmos ecosystem) have all announced plans to integrate Babylon as an optimal Bitcoin staking solution.
At the same time, Babylon is currently supported by more than 250 finality providers – entities acting as validators, ensuring stable and secure network operation. Some notable names include Galaxy Digital, Figment, P2P.org, along with many other leading Web3 infrastructure providers.
The participation of major organizations and leading custodial wallets in Babylon not only reinforces Genesis's safety but also lays a solid foundation for future scalability and cross-chain integration.
Token BABY and a unique distribution strategy
Alongside the Genesis launch event, Babylon is also implementing a strategy to engage the community through the BABY token. Previously, this token was listed on the Binance exchange via HODLer Airdrops, and Babylon has also announced airdrops of 6% of the total BABY supply for early contributors to the project.
Despite the mainnet news, the price of the BABY token remains stable around 0.085 USD, corresponding to a market capitalization of about 195 million USD. This stability may reflect long-term confidence from the community, especially in the context of Babylon building a sustainable staking model for Bitcoin – the most valuable digital asset in the world.
Implications for the crypto market and Binance users
The Genesis event is not only an important step for Babylon but also opens up new DeFi opportunities for Bitcoin holders, including users on the Binance exchange. Thanks to Babylon, BTC can now be staked directly to generate profits without the need to move to other chains or face high risks from bridges.
For Binance users, the integration of Binance Wallet with Babylon also signals that the trend of Bitcoin staking will be supported right on the familiar platform, thereby simplifying their experience and enhancing the value of their assets in a safe manner.
⚠️ Risk warning:
The cryptocurrency market always carries risks and high volatility. Projects like Babylon, despite their great potential, are still in the development phase and may face technical, legal, and security challenges. This is not investment advice. Please consider carefully before participating and only invest amounts you can afford to lose.