Babylon Ecosystem Update 2: Expanding Across DeFi
This month, Babylon has launched several key initiatives and formed strategic alliances that are unlocking Bitcoin’s full potential. From making BTC liquidity more accessible to increasing yield and security. Read on as we detail the major happenings for Babylon’s ecosystem!
Testnet Progress
On May 28, we successfully launched the Babylon Bitcoin Staking Testnet-4 to stress-test the security of staked Signet Bitcoin by evaluating user interactions with the Signet BTC test network. The initial cap was filled in less than 20 minutes!
More than 70 finality providers have been onboarded to strengthen the system and provide steadfast support from the testament and onwards. Six wallets also supported Babylon at the testnet launch.
To educate our community, we launched a “Bitcoin Staking 101” blog series that details how Bitcoin staking works. We also initiated the BTC Chronicles, the community campaign competition from testnet to mainnet, enabling Babylonians to climb the leaderboard, rank, and support Babylon.
Strategic Alliances Unleash Bitcoin’s $1T Potential
Babylon’s ecosystem continues to gain traction, as major DeFi projects with a deep passion to innovate with and benefit from Bitcoin integrate with Babylon.
Bedrock & pStake: Liquid Staking Pioneers
Bedrock has launched uniBTC, a liquid Bitcoin restaking token built on Babylon. This breakthrough allows BTC holders to finally earn rewards on their holdings while maintaining liquidity — a game-changer for unlocking Bitcoin’s $1T capital.
At the forefront is Bedrock’s uniBTC — a liquid Bitcoin restaking token allowing holders to earn yield while retaining liquidity. Similarly, pStake aims to catalyze growth in BTCfi by providing BTC holders a path to staking yields through their liquid staking solution on Babylon.
Mind Network: Encryption Powers Security
Mind Network is leveraging Babylon’s Bitcoin LSTs combined with their cutting-edge Fully Homomorphic Encryption (FHE). This allows secure, trustless validation of PoS networks and subnets without exposing private keys. FHE is hailed as the “holy grail” of cryptography. It enables computation on encrypted data, a critical innovation for bringing Bitcoin’s unmatched security to consensus layers while preserving decentralization.
Chakra: Unlocking $1T With ZK-Proofs
The Chakra ZK-Rollup takes Bitcoin security to its network, bringing security to new heights by integrating the Babylon Bitcoin staking protocol. By using ZK-STARK proofs to map staked BTC across any ecosystem, this unprecedented interop unlocks Bitcoin’s $1T-plus liquidity stream.
Merlin: Expanding Utility of MerlinBTC
The Merlin L2 is merging Bitcoin’s security into its chain via the Babylon Bitcoin staking protocol. Merlin users can stake native mBTC via Babylon, extending the foundation of Bitcoin’s immense proof-of-work consensus to bolster the security of any network and chain. This allows Merlin’s ecosystem of Rollups, dApps, and services to tap into the endless stream of security capital from Bitcoin.
Cobo: Robust API for Mass Adoption
On the infrastructure front, wallets like Cobo have launched the first dedicated APIs to integrate Bitcoin staking through the Babylon protocol in just 30 minutes! Cobo’s industry-leading MPC wallet solution provides a seamless onramp, accelerating mass adoption as the BTC DeFi summer kicks into high gear.
Their comprehensive APIs for staking workflows vastly reduce the complexity of joining Babylon’s thriving ecosystem.
Game Plus: the Future of Bitcoin Gaming and Social Ecosystem
Game Plus is building infrastructure for gaming on the Bitcoin blockchain, leveraging the Babylon Bitcoin staking protocol. Their Layer 2 solution uses Optimistic rollups and ZK proofs secured by the Babylon enabled Bitcoin staking. Game Plus provides SDKs to simplify deploying Bitcoin-based games with features like asset management and wallets.
Particle Network: Securing their L1
Particle Network is a modular Layer 1 blockchain aiming to enable “chain abstraction” by allowing users to interact across multiple chains. They are integrating Babylon’s Bitcoin staking as part of a “Dual Staking” security model where transactions are validated by both native tokens and Bitcoin stakers.
Another Wallet Supporting Babylon: Tomo
The infrastructure around Babylon continues to grow, with Tomo Wallet being the latest wallet to support the Babylon Bitcoin staking protocol. Tomo has launched its extension wallet integrated with Babylon Testnet, allowing users to stake sBTC (Signet Bitcoin) on Babylon directly from the wallet. Tomo Wallet provides a seamless login experience using Google accounts and prioritizes security by encrypting seed phrases using Shamir’s Secret Sharing.
Conclusion
With each innovative alliance, Babylon’s vision of unleashing Bitcoin’s vast potential through staking takes another monumental stride. The future utility of the world’s largest cryptocurrency is finally coming into focus!
