Babylon's Launches Bitcoin Staking Protocol MVP at Cosmoverse 2023 š
Babylon - the Bitcoin Staking Protocol - announced their MVP at Cosmoverse 2023, transforming Bitcoin into a decentralized staking asset.
Finally, there is a way to make $BTC a productive asset!
š Unlocking Bitcoin's Dormant Potential
Recent data by Glassnode showed that a whopping 66% of Bitcoin's supply (12.26 million $BTC) has stayed untouched for a year. Babylon plans to utilize these idle Bitcoins to fortify the security and vitality of Proof of Stake (PoS) chains and dApps across Cosmos.
š”ļø Bitcoin as the Security Backbone
Babylon's Bitcoin Staking Protocol allows PoS chains to stake Bitcoin instead of their own tokens. It enhances security, eases inflation pressures, and empowers emerging chains.
š Babylon's Moonshot
Babylon aims to connect the $500 billion decentralized trust ecosystem to yield generation for providing security capital. With support from prominent Cosmos chains that are eager to adopt Babylonās Bitcoin Staking Protocol, a strong frontier is forming around Babylon's PoS chain.
š Cosmos Ecosystem Focus
Babylon is built as a Cosmos app chain, housing over $2.5 billion staked in its top ten protocols, with more zones getting added, including large dapps such as @dYdX deploying their own app chain.
We cannot wait to try out Babylon, making Bitcoin a PoS asset on a PoS chain!
