- Babylon Protocol, a Bitcoin staking platform, raised 24,000 BTC (approximately $1.5 billion) during its “Cap-2” staking session on October 10, 2024.
- Babylon innovates by enabling Bitcoin staking, a mechanism traditionally associated with Proof of Stake blockchains.
- Babylon helps strengthen the security of decentralized applications while providing new opportunities for BTC holders. This innovation could pave the way for wider adoption of BTC staking in the global DeFi ecosystem.
Protocol Babylona new platform for Bitcoin staking which aims to expand the use of the historical blockchain, carried out a spectacular fundraising with by adding 24,000 BTCor thereabouts 1.5 billion dollarsin a single betting session.
This event, nicknamed “Cap-2”, means a turning point bitcoin in terms of decentralized finance (DeFi) and could shake up the ecosystem’s future prospects.
Cap-2 Done!
Today, Babylon reached an incredible milestone – almost 23,000 Bitcoins staked in Cap-2!
A big thank you to all our strikers for being a part of this journey
— Babylon (@babylonlabs_io) October 8, 2024
Impressive lift, beyond expectations
October 10, 2024 Babylon open deposits for a limited time, corresponding 10 bitcoin blocksor approximately one hour and twenty-three minutes. During this period, users could deposit up to 500 BTC per transactionamassed an impressive sum 24,000 BTC. In comparison, the previous round in August hit the 1,000 BTC limit in just over an hour.
Co-founder of the company Babylon, David Tseengineering professor at Stanford, expressed surprise at the massive influx of capital, calling the results “far beyond our expectations“. Babylon’s betting dashboard showed that as of 20:03 UTC 18,601 BTC had already been staked and another 5,419 BTC were pending confirmation.
A remarkable development for Bitcoin betting
Babylon stands out from other initiatives bitcoin thanks to its innovative approach staking outoften associated with Proof of Stake based blockchains such as Ethereum or Solana. WITH BabylonTHE bitcoin bets it is designed to strengthen the security of decentralized applications and new protocols by leveraging huge reserves of BTC previously unused in decentralized financial solutions.
The method used in this latest deposit round was time-based, meaning that users had a limited amount of time, defined by the number of blocks mined on the Bitcoin blockchain, to send their BTC. This pattern contrasts with the first filing in August, where hard cap of 1000 BTC was quickly achieved in 74 minutes.
A DeFi initiative that pushes the lines
Growing interest in solutions such as Babylon illustrates interest in DeFi within the Bitcoin ecosystem. Historically, the Bitcoin blockchain has been considered less flexible and programmable than its competitors such as Ethereum, especially when it comes to smart contracts and complex financial applications. However, projects like Babylon are trying to change this perception by introducing solutions that use Bitcoin to secure additional PoS chains while providing new features for BTC holders.
A Sustainable Model for Bitcoin?
Speed with what Babylon attracted billion dollars in BTC shows that there is significant demand for solutions that integrate staking and DeFi protocols on Bitcoin. By paving the way for Bitcoin-secured protocols, Babylon could become a platform for those looking to tap into their BTC reserves while participating in proof-of-stake initiatives.
With such promising prospects, the question remains: Babylon it could be the trigger for a wider wave of adoption bitcoin bets and its integration into the global DeFi ecosystem?
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