Babylon, a self-custodial Bitcoin staking protocol, has announced the launch of its Phase 1 mainnet as it envisions the decentralized financial market developing on the leading blockchain network.
In a Monday announcement, the protocol revealed that the launch of its mainnet will take place on August 22, 2024. The first phase of the mainnet will allow BTC holders to stake their coins with the self-custody protocol.
? Self-custody?️ Bitcoin bets on Bitcoin security for PoS systems⚡ Disconnection ? on demand Take advantage of more than a billion dollars in idle Bitcoin capital
? Read the announcement: https://t. co/awTMV1c5Q6
? Betting Control Panel:. . . pic. twitter. com/TItPoUbLv2
– Babylon (@babylonlabs_io) August 19, 2024
Meanwhile, in the next stages, the Bitcoin protocol will allow proof-of-stake networks to take advantage of the security of the trillion-dollar Bitcoin network. Projects that can and do use this ecosystem come with Layer 2 chains, knowledge availability layers, and oracles.
“This launch leads to Bitcoin’s third local use case, the asset beyond price storage and undeniable payments: betting on secure networks and earning,” said Fisher Yu, co-founder of Project Babylon. “We hope this will improve the crypto-economic security of PoS chains and other decentralized applications, offering them a more secure and reliable infrastructure, while unlocking the price of the 1 trillion free and dormant Bitcoin ecosystem. dollars. “
Bathroughlon’s announcement comes after the platform raised $70 million in an investment circular led through crypto venture capital firm Paradigm. Mainnet is supported by more than two hundred end providers, including Allnodes, Galaxy Digital, P2P, Figment, Luganodes, and Stakefish.
The task also won out on the smartest wallets, such as Binance Web3 Wallet, OKX Web3 Wallet, Bitget Wallet, Keystone, and TomoWallet.
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