#baby $BABY Odd setup, when you think about it: the protocol's entire value proposition rests on Bitcoin, yet BABY, the token people actually trade, has no direct claim on that BTC or the yield it generates. Delegators earn staking rewards in whatever the consumer chain pays out, not in BABY. The token's job is governance and, eventually, things like transaction fees or protocol-level functions, not capturing the economic activity happening at the base layer. That's a deliberate separation, keeping Bitcoin's role purely as security collateral rather than dragging it into token mechanics, but it also means BABY's price has to find justification somewhere other than the BTC flowing through the system. Governance tokens without strong fee capture have struggled before to hold value once initial incentive programs wind down, across more than one cycle now. Babylon's technical achievement, letting native BTC secure PoS chains without custody, doesn't automatically translate into demand for its own token. Two separate questions, often treated as one. Only one of them has actually been solved so far.
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