I caught myself making a mistake that I think many of us make when looking at on-chain data.
I assumed minted supply and bonded supply would move closely together. The latest #BABY explorer data challenged that assumption.
Over 10.5B BABY has been minted, yet only about 20% is currently bonded in the native staking module. At first glance, that felt surprisingly low. But after looking deeper, I realized this metric shouldn't be confused with BTC staking, which supports Babylon's security through a separate mechanism.
That made me stop focusing on the number itself and start thinking about the reason behind it.
Early-stage networks often evolve as vesting progresses, participation increases, governance matures, and incentives develop. A single snapshot is useful, but trends over time usually provide a more complete picture.
Instead of asking, "Is 20% good or bad?" I think the better question is:
How does this compare with other Cosmos SdK networks at a similar stage of growth?
That's the cOmparison I'm interested in, because context turns raw data into meaningful insight.
Curious to hear how others interpret this metric.
@BabylonLabs_io #baby $BABY

What's the main reason for 20% staking?