Spent the afternoon poking around Babylon's numbers and kept ending up on the same screen... $BABY sitting around $0.01094, down close to 15% over the last week, market cap barely $44M. Grabbed a snack, came back, checked again, and it had barely moved. Weirdly, that silence caught my attention more than another big red candle would've.
The Bitcoin side still makes sense to me. Native BTC, no wrapping, no bridge, full custody. It feels almost boring... and after years of bridge hacks and people losing funds, boring isn't such a bad thing anymore.
What I can't stop thinking about is BABY itself.
The August 10 unlock keeps sitting in the back of my mind. Around 136.11M tokens, roughly $1.5M, about 1.2% of supply, mostly for team, advisors, and early investors. It's public information, not some rumor. The BTC staker keeps their Bitcoin and earns yield, while BABY holders are the ones absorbing new supply into a market that's already weak.
Maybe I'm overthinking it. Maybe governance ends up capturing much more value once BSN expansion rolls out. Or maybe every unlock keeps reopening the same questions.
I like what Babylon is trying to build. I really do. I just keep coming back to the difference between believing in the protocol and believing in the token. Those aren't always the same trade... and crypto has taught me that lesson more than once.
@BabylonLabs_io $BABY #Baby #baby
The Bitcoin side still makes sense to me. Native BTC, no wrapping, no bridge, full custody. It feels almost boring... and after years of bridge hacks and people losing funds, boring isn't such a bad thing anymore.
What I can't stop thinking about is BABY itself.
The August 10 unlock keeps sitting in the back of my mind. Around 136.11M tokens, roughly $1.5M, about 1.2% of supply, mostly for team, advisors, and early investors. It's public information, not some rumor. The BTC staker keeps their Bitcoin and earns yield, while BABY holders are the ones absorbing new supply into a market that's already weak.
Maybe I'm overthinking it. Maybe governance ends up capturing much more value once BSN expansion rolls out. Or maybe every unlock keeps reopening the same questions.
I like what Babylon is trying to build. I really do. I just keep coming back to the difference between believing in the protocol and believing in the token. Those aren't always the same trade... and crypto has taught me that lesson more than once.
@BabylonLabs_io $BABY #Baby #baby