The Bitcoin staking protocol Babylon pulled in roughly 23,000 BTC on Tuesday during its second staking round—a much larger sum than the first wave, and a much smoother experience for network users since Bitcoin fees did not surge this time around.
Babylon co-founder and Stanford University professor David Tse, who helped launch the staking startup’s mainnet six weeks ago, told Decrypt that the round dubbed Cap-2 went “pretty well.” Having users delegate $1.4 billion in Bitcoin to the protocol was “certainly beyond expectations,” he said in an interview Tuesday.
Babylon has been constructing a two-sided marketplace rooted in Bitcoin’s reserves. On one side, users will be able to lock up their Bitcoin in exchange for rewards one day, while proof-of-stake networks can leverage that capital to provide security on the other.
The project has focused on building up Babylon’s supply side before integrating with various rollups and networks, previously indicating that networks like Ethereum and Solana could benefit from B
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Author: André Beganski
