Babylon launches phase one of its self-custodial Bitcoin staking mainnet, attracting over 12,710 stakers and raising significant funding from top crypto venture capitalists.
Bollywood Fever: The Bitcoin staking protocol Babylon has officially launched phase one of its self-custodial mainnet, allowing users to stake BTC through smart contracts.
Since the launch, the platform has quickly gained traction, with over 12,710 stakers performing more than 20,600 staking delegations, according to Babylon’s website.
Babylon heralded this launch as a significant milestone, introducing a new native use case for Bitcoin beyond its traditional roles of value storage and payments. “The Babylon Bitcoin Staking Mainnet launch leads to the third native use case for Bitcoin, the asset, alongside value storage and simple payments: staking to secure PoS networks and earn rewards,” the protocol announced on the social media platform X on Thursday.
The self-custodial mainnet launch was teased on August 21, marking a crucial step in Babylon’s phased rollout timeline. The protocol has already attracted considerable interest from the crypto community, particularly among venture capitalists.
In December 2023, Babylon secured $18 million in Series A funding, led by Polychain Capital and Hack VC, with additional undisclosed investment from Binance Labs two months later.
This momentum continued with a substantial $70 million funding round in late May of this year, spearheaded by Paradigm and supported by Bullish Capital, Polychain Capital, Hashkey Capital, Mantle, Galaxy, and Hack VC.
Babylon’s progress reflects growing enthusiasm for innovative Bitcoin use cases, positioning the protocol as a significant player in the evolving crypto landscape.
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