Babylon : EigenLayer On Bitcoin

By Astroboy13 | CryptoByte | 21 Jun 2024


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 !

Follow me on twitter

Follow me on Medium

My favorite Crypto Faucet : Cointiply (referral)

Read exclusive articles on publish0x and if you want to support me for free you can sign in with this link

Disclaimer : This is not a financial advice, you need to do your own research !

How do you rate this article?

17


Astroboy13
Astroboy13

I'm a crypto entousiast


CryptoByte
CryptoByte

In this blog will dive into the fascinating world of cryptocurrencies. Join us on this exciting journey as we unravel the mysteries of the crypto universe and empower you to make informed decisions in this rapidly evolving digital landscape !

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.