Babylon Chain, the middleware blockchain securing Cosmos-based chains with Bitcoin, just broke $3 billion worth of deposits.

Babylon has seen deposits totaling over 36,100 BTC, worth more than $3.63 billion, as of press time, according to Dune data. The assets were delivered by nearly 88,000 unique depositors. And in the past week, the amount of Bitcoin being deposited jumped by nearly 51.4%.

With nearly $350 million deposited on Dec. 11 and $834 million deposited on Dec. 10, Babylon Chain saw $1.2 billion worth of Bitcoin deposits in 48 hours. Unique depositors also jumped from about 48,000 on Dec. 10 to 62,230 on Dec. 11, adding about 14,250 users in just a day.

This follows an early October report indicating that at the time Bitcoin holders had locked up about 23,000 BTC worth about $1.4 billion on Babylon Chain. The project established a marketplace connecting users looking to lock up their Bitcoin in exchange for rewards with proof-of-stake networks looking for valuable assets to secure their networks.

Babylon Chain is a protocol that attempts to integrate Bitcoin’s security features—its Proof-of-Work time stamping, asset liquidity, and censorship-resistant block space—int

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Author: Adrian Zmudzinski

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