I keep thinking about how much of BABY's utility is defined by what Babylon Genesis needs internally, rather than by what the wider ecosystem is actually built to sell. On paper the token does the ordinary things: it pays gas, it carries governance votes, and it bonds validators alongside Bitcoin-backed finality providers in a dual-staking design tuned for fast unbonding. All of that works. The question is whether BABY captures much of the value flowing through the bigger story, which is billions in Bitcoin routed out to secure other chains. That side of the business is denominated in BTC, not BABY. Babylon's answer is a burn auction, where a slice of rewards from partner networks gets bid for in BABY and destroyed. It's a sound idea, unproven at volume, running against steady inflation plus investor unlocks that started back in May. Governance stays with BABY holders alone, never BTC stakers, which tells you where control was always meant to sit. I am watching whether that auction volume outpaces issuance, or whether BABY stays an accounting layer for a Bitcoin-priced business.
@BabylonLabs_io $BABY #baby