Key Highlights:

• Babylon, a Bitcoin project, has launched its layer-1 blockchain Genesis to advance its BTC staking protocol.
• The new network will utilize staking and timestamping to enhance Bitcoin’s security.
• Since its founding in August last year, over 57,000 BTC (approximately $4.6 billion) have been staked on Babylon.

Bitcoin (BTC) project Babylon has introduced its layer-1 blockchain named Genesis to progress its staking protocol, which has accumulated over $4 billion in total-value locked (TVL). This initiative allows BTC holders to earn yield on their assets, which serve to secure and provide liquidity for proof-of-stake networks. Currently, Bitcoin constitutes nearly two-thirds of the overall crypto ecosystem, with a significant portion resting dormant in user wallets. Babylon’s goal is to channel this wealth into the broader crypto landscape.

Genesis will act as a BTC staking network, employing staking and timestamping techniques to leverage Bitcoin’s security. It will also function as a control plane orchestrating other networks that might stake Bitcoin and supporting liquidity for decentralized applications.

Yield from staking will be divided evenly between BTC stakers and holders of BABY, Genesis’ native token. Staking involves crypto users committing their tokens to a network to facilitate its operations in exchange for yields, akin to earning interest from a bank savings account. Although staking is integral to most blockchains, it has been largely absent from Bitcoin, which Babylon aims to rectify.

The launch of Genesis marks the second phase of Babylon’s roadmap, the first of which focused on establishing a BTC kitty as a foundation for its staking protocol. Currently, the program benefits from over 250 finality providers who validate transactions for the network’s continued operation, including Galaxy, Figment, and P2P, as revealed in an announcement this Thursday.