Babylon, a Bitcoin protocol that previously held a capped staking round of 1,000 BTC (equivalent to $62.4 million) in August, is set to launch a new 'duration-based' staking round. This new round, termed 'Cap-2', will initiate around 18:30 UTC (2:30 p.m. ET) on Tuesday.

The upcoming staking event will allow users to stake up to 500 BTC per transaction across 10 Bitcoin blocks, commencing when the network hits block 864,790 and concluding at 864,799. The estimated duration of this round is around one hour and 40 minutes, assuming an average block time of 10 minutes.

The previous round in August reached its cap within just six blocks and lasted a brief hour and 14 minutes, showcasing strong demand for Bitcoin staking.

Babylon's objective lies in enabling proof-of-stake chains to harness capital from the substantial reserves held in BTC, making strides in delivering additional utility to Bitcoin—a characteristic commonly accessible on networks like Ethereum, yet largely non-existent in the original blockchain ecosystem.

The project's prominence increased significantly in May 2024 when it secured $70 million in funding, following an earlier $18 million funding round in December 2023.