Just wraPped crunching this week’s @BabylonLabs_io staking data and to be honest my brain did a double take.
So get this total BABY supply is sittin' at 10.54 billion. But only 20.29% is actually locked in the staking module.
That means almost 80% is just vibin' out there, right? Well, not exactly. Big caveat a huge chunk of that "uncommitted" supply is still vesting or in team/investor lock-ups. If you strip those out, the eligible circulating supply staking ratio actualy jumps to ~26.29%. So it's not as loose as it looks.
I really thought the bonded rate would be tighter against minted supply, ngl. Babylon's whole thing is inflation and rewards, so I figurd the ratio would naturally reflect that. But here's the twist the 8% annual inflation ain't all for BABY stakers. It's a 50/50 split 4% goes to native stakers, the other 4% to Bitcoin stakers. That dilution on the.. side slows down the pull for pure.. commitments.
Maybe I'm overthinking one snapshot tho. The real mechanical force is Babylon's co-staking rule to max rewards, you need a 20,000 BABy per 1 BTC ratio. With BTC TVL already at $5.6B+, that fixed math will naturally drag more BABY into the module over time.
Is 20% normal for Babylon's at this stage? Or is the anchoring layer softer than expected? I keep goin' back n forth, fr. Not tryna fearmonger.
Just curious for those who watch Babylon's regularly does this raise an eyebrow or is it just busines as usual given the co-staking mechanics?
#baby $BABY
So get this total BABY supply is sittin' at 10.54 billion. But only 20.29% is actually locked in the staking module.
That means almost 80% is just vibin' out there, right? Well, not exactly. Big caveat a huge chunk of that "uncommitted" supply is still vesting or in team/investor lock-ups. If you strip those out, the eligible circulating supply staking ratio actualy jumps to ~26.29%. So it's not as loose as it looks.
I really thought the bonded rate would be tighter against minted supply, ngl. Babylon's whole thing is inflation and rewards, so I figurd the ratio would naturally reflect that. But here's the twist the 8% annual inflation ain't all for BABY stakers. It's a 50/50 split 4% goes to native stakers, the other 4% to Bitcoin stakers. That dilution on the.. side slows down the pull for pure.. commitments.
Maybe I'm overthinking one snapshot tho. The real mechanical force is Babylon's co-staking rule to max rewards, you need a 20,000 BABy per 1 BTC ratio. With BTC TVL already at $5.6B+, that fixed math will naturally drag more BABY into the module over time.
Is 20% normal for Babylon's at this stage? Or is the anchoring layer softer than expected? I keep goin' back n forth, fr. Not tryna fearmonger.
Just curious for those who watch Babylon's regularly does this raise an eyebrow or is it just busines as usual given the co-staking mechanics?
#baby $BABY