Babylon Unveils Phase One of Self-Custodial Bitcoin Staking Mainnet

Babylon, a Bitcoin staking protocol, has officially launched phase one of its self-custodial mainnet. This development allows users to stake Bitcoin through smart contracts, marking a significant step in expanding Bitcoin's use cases. The platform has already attracted a substantial user base, with 12,710 stakers completing over 20,600 staking delegations.

In a statement on social media platform X, Babylon emphasized that the launch introduces a third native use case for Bitcoin, alongside value storage and simple payments: staking to secure Proof-of-Stake (PoS) networks and earn rewards. The phased rollout of the self-custodial mainnet began on August 21, building anticipation within the crypto community.

Babylon's rapid growth has garnered the attention of prominent venture capitalists in the crypto space. The protocol raised $18 million in a Series A funding round led by Polychain Capital and Hack VC in December 2023. This was followed by an undisclosed investment from Binance Labs two months later. In May 2024, Babylon secured an additional $70 million in funding, with backing from major players such as Paradigm, Bullish Capital, and Galaxy, further fueling its ambitious plans in the decentralized finance ecosystem.

Related Articles