Bitcoin, the world’s most capitalized crypto asset, runs on a proof of work consensus (PoW). What if I told you that you could secure Proof of Stake (POS) blockchains with your Bitcoin? That will be possible with Babylon !
Source : https://babylonchain.io/
Bitcoin Characteristics
First of all, what makes Bitcoin the perfect element to secure other blockchains:
- Proof of Work (PoW): Right now, Bitcoin is the most secure crypto asset in the world due to its PoW consensus and, importantly, its timestamping server. It gives an irreversible time-ordering to events, protecting Bitcoin from malicious people who might want to control the chain.
- Billions of dollars worth of Bitcoin can serve to protect other blockchains : The fact is that 57% of all Bitcoin in circulation is in the hands of retail investors, representing more than 600 billion dollars worth of Bitcoin at the time of writing. These investors can use their Bitcoin to protect other blockchains and earn a yield.
Built with the Cosmos Software Development Kit (SDK), Babylon plans to scale Bitcoin security to secure other blockchains that run on a Proof of Stake mechanism. This method will allow people who hold Bitcoin to earn yields without having the staked Bitcoins bridged, wrapped, pegged, or held in custody.
Babylon Litepaper
This would benefit Proof of Stake chains, allowing a lower time of un-staking for exemple.
Fundraising
It’s important to note that this project raised 88 million dollars in total in two rounds, with the latest in May 2024, led by Paradigm, known for investing in projects that end up making an airdrop such as Optimism or Uniswap.
Source : Crypto fundraising
Testnet
First of all, this is not an incentivized testnet, so there is no official airdrop. However, with the mainnet soon launching, some people speculate that there might be an airdrop just like EigenLayer. It’s completely free to participate.
You can stake sBTC (testnet tokens) on Babylon. To do that, you need an OKX wallet. Write sBTC in the search bar and add it. With that sBTC address, you will need to claim some sBTC from faucets. There are two of them : one on the Babylon Discord and another on a site. I will put all the links at the end of the article.
Be quick, the testnet will close on Monday, 24th.
Source : Twitter (X)
Also, there is an ongoing Galxe campaign. I will also put all the links below.
Important links :
OKX wallet : https://chromewebstore.google.com/detail/okx-wallet/mcohilncbfahbmgdjkbpemcciiolgcge
sBTC Faucet : https://signetfaucet.bublina.eu.org/
Stake sBTC on Babylon : https://btcstaking.testnet.babylonchain.io/
Babylon Discord : https://discord.gg/babylonglobal
Litepaper : https://docs.babylonchain.io/assets/files/btc_staking_litepaper-32bfea0c243773f0bfac63e148387aef.pdf
Galxe campaigns : (Referrals)
Chapter 0 : https://app.galxe.com/quest/Babylon/GCrantzwAV?referral_code=GRFr2JxmbGm80n6mptvCbWem6OfKN4KFpCcwE2dqWb4zl-l
Chapter 1 : https://app.galxe.com/quest/Babylon/GC4G1tdYEm?referral_code=GRFr2I3v-6m7Wf-oZtvCbWem9uKJdT9nAwR-ZBNcgoN8cV-
Chapter 2 cap 3 : https://app.galxe.com/quest/Babylon/GCscKtgRpR?referral_code=GRFr2Jwm5Sm7mzLnptvCbWem5OE4fnhft9sUL5MfKAQNzvd
As always thank you for reading !
My favorite Crypto Faucet : Cointiply (referral)
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Disclaimer : This is not a financial advice, you need to do your own research !