Babylon's Bitcoin Staking Round Raises $1.5 Billion

In a notable development for the crypto landscape, Babylon, a Bitcoin staking platform, completed its second staking round on Tuesday, achieving a significant increase in deposits from about 1,000 BTC to approximately 24,000 BTC, which equates to $1.5 billion.

This staking event, referred to as 'Cap-2', was distinguished by its duration-based model, lasting for 10 Bitcoin blocks. The demand for this initiative suggests a robust interest in decentralized finance (DeFi) solutions built upon Bitcoin's enduring blockchain.

Key Highlights

• Babylon's platform enables new protocols and apps to leverage Bitcoin's security mechanisms.
• As per the Babylon staking dashboard, there are currently over 18,601 BTC staked with an additional 5,419 BTC queued.
• The round registered a total cap lifted for 10 blocks over a timeframe of one hour and 23 minutes, with individual transactions capped at 500 BTC.

This updated structure marks a shift from the initial round in August, which faced a hard cap of 1,000 BTC and filled rapidly.

Babylon aims to harness Bitcoin's substantial reserves to support Proof-of-Stake chains, a direction that's gaining traction within the realm of Bitcoin's functionalities and potential.