Babylon Bitcoin Staking Testnet-4 Launch

We are excited to announce the launch of Babylon Bitcoin Staking Testnet-4 on Tuesday, May 28, 2024.

Key Dates and Times:

• Staking Web Dapp: The staking web dapp (btcstaking.testnet.babylonchain.io) will go live at 7 AM UTC on May 28, 2024. This is to allow users to get familiar with the Dapp and connect wallet.
• Protocol Activation: Staking will be enabled at Signet BTC block height 197,535, expected at about 9 AM to 10 AM UTC on the same day.

Testnet Focus: This testnet aims to focus on the security of staked Signet Bitcoins by testing user interactions with the Signet BTC test network. Key participants, including Bitcoin holders, validator teams, wallet providers, custodians, and liquid (re)staking protocols, will have the opportunity to explore and evaluate Bitcoin staking.

Please note:

• There will be no PoS test chain, PoS test staking rewards, or slashing.
• Signet Bitcoin is a simulated currency for testing purposes only. It carries any monetary value, and it is not redeemable or tradable.

Staking Details:

• Staking Period: Signet Bitcoin holders will be required to stake their assets for a fixed period of ~64 weeks.
• Unbonding Time: Stakers can unbond and withdraw their stake at any time, with an unbonding period of 7 days.
• Staking Limits: The initial total staking cap is set at 5 Signet Bitcoin. The minimum stake per transaction is 0.0005 Signet Bitcoin, and the maximum is 0.05 Signet Bitcoin. These limits are set to manage flow control given the limited supply of Signet Bitcoins.

Fun to Participate

Please use this testnet as a playground to explore Bitcoin staking. We encourage you to try out all the features (stake, unbond, and withdraw). In addition,

1. stakers can participate in our Bitcoin Staking Chronicles campaign on Galxe: Bitcoin Staking Chronicles by Babylon | Galxe.
2. security researchers and engineers are welcomed to participate in our Cantina security campaign (Competitions | Cantina ).

Useful Links

1. Introductory readings: Bitcoin staking 101 series BabylonChain — What is Bitcoin Staking?
2. Discord Signet Bitcoin faucet: Join the Babylon🔶🔒 Discord Server! (Get verified & gain access to our │faucet-signet-btc channel).
3. Finality provider guide: networks/bbn-test-4/finality-providers at main · babylonchain/networks
4. Open-sourced code of the staking web dapp for this testnet: GitHub — babylonchain/simple-staking: Simple staking application
5. Wallet integration guide: networks/bbn-test-4/integration/wallet.md at main · babylonchain/networks
6. Specification of all the transactions: babylon/docs/transaction-impl-spec.md at dev · babylonchain/babylon
7. Swagger API doc: networks/bbn-test-4/integration/wallet.md at main · babylonchain/networks
8. Staking backend service build guide: networks/bbn-test-4/integration/staking-backend.md at main · babylonchain/networks
9. To provide feedback or report bugs or issues: our Forum: 🛠️Testnet and our Discord :Join the Babylon🔶🔒 Discord Server! (│feedback & │testnet-support channels).

We look forward to your participation in this important testnet launch.