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Babylon, a platform enabling native Bitcoin (BTC) staking, recorded a notable unstaking event on April 17. Approximately $1.26 billion worth of BTC was withdrawn from the protocol.
Babylon Labs has seen its total value locked (TVL) drop by 32%, following the unstaking of $1.26 billion in Bitcoin from its platform.
TL;DR Babylon recorded the largest withdrawal in its history with 14,929 BTC leaving the protocol, drastically reducing its locked funds. The drop coincided with the launch of Genesis L1 and the debut of the BABY token, which quickly lost value after the end of promotional trading.
Bitcoin staking protocol Babylon saw $1.26 billion in BTC unstaked from its platform, plunging the protocol's total value locked by 32%. On April 17, blockchain analytics firm Lookonchain flagged several addresses that had unstaked 14,929 Bitcoin (BTC) from the staking platform.
Babylon Labs saw an outflow of non-custodial staking, with 14,929 BTC sent to external addresses.
TL;DR Sui will integrate Babylon's Bitcoin staking protocol and operate as a Bitcoin Secured Network in Phase 3 of the expansion plan. The integration allows BTC staking without bridges or custodians. Babylon will apply its protocol over Sui's Mysticeti consensus, reinforcing its modular, multi-network approach to Proof-of-Stake.
Babylon Labs launched its Genesis Chain, based on Cosmos SDK. The chain will use dual staking of BTC and the native BABY token.
This expansion represents more than just technical growth for P2P.org—it signals a fundamental shift. Through this network, users can stake both Bitcoin and BABY—the native token of Babylon—and earn rewards for securing the system.
Babylon is using the Bitcoin netwrok to secure staking, without relying on dangerous cross-chain bridges.
Babylon Labs also unveiled the Babylon Genesis mainnet, a layer one blockchain powered by its native token “baby.
The launch on Babylon Genesis introduces Bitcoin as collateral in DeFi, enhancing liquidity, security, and yield generation.
BABY, the native token of Babylon, is poised for potential growth following its recent airdrop and the launch of the Babylon Genesis Network. The network's innovative approach to Bitcoin staking has sparked significant interest and the rapid adoption, driven by strategic partnerships and robust tokenomics, could propel BABY's price past $0.2 by April's end.
The world of cryptocurrencies is witnessing a significant turning point with the official launch of Babylon Genesis, the second phase of the three-part rollout of the staking Bitcoin Babylon protocol. Announced on Thursday, this step represents a crucial evolution for the entire blockchain ecosystem, introducing an innovative way to put one's bitcoin to work while simultaneously strengthening the security of decentralized applications. Babylon, launched for the first time in August 2023, has already secured a prominent position in the crypto landscape, accumulating over 57,000 BTC in total value locked, equivalent to more than 4 billion dollars. The protocol stands out for its self-custodial nature, allowing users to maintain control of their funds while actively participating in the proof-of-stake (PoS) mechanism.
Babylon is a new blockchain project that gives Bitcoin a slightly different role in the crypto world. Bitcoin is considered to be a store of value in crypto, or digital gold as some would call it, but Babylon changes that by allowing Bitcoin holders to stake their coins meaning they can help secure other blockchains without giving up control of their BTC.
