#baby @BabylonLabs_io
I have been long waiting of this. Babylon has been sitting in my notes for a while, and I finally decided to sit down and actually think through what it does instead of just repeating what everyone else says about it.
What caught my attention is the core idea: staking Bitcoin natively, without wrapping it or bridging it anywhere. No synthetic BTC token standing in for the real thing. Your coins stay on the Bitcoin chain, and that alone removes a whole category of risk that most BTCfi projects never manage to avoid.
Looking at the numbers, Babylon's TVL has moved a lot this year, dropping to around $2.6B during a finality provider transition in April, then climbing back past $4B by May, with some reports putting it closer to $5.6B at peak. Market cap sits far lower, somewhere near $40-50M, and fully diluted valuation is closer to $140M, which is a wide gap worth sitting with rather than explaining away.
I'm still not completely sure what happens once token unlocks accelerate later this year. Sixty-plus percent of supply is held by insiders, and that's the kind of detail that doesn't show up in the TVL headline.
What I do think is real: the self-custody design is genuinely different, not just marketed that way. Whether that translates into lasting security demand, I don't know yet.
#baby @BabylonLabs_io $BABY $UAI
I have been long waiting of this. Babylon has been sitting in my notes for a while, and I finally decided to sit down and actually think through what it does instead of just repeating what everyone else says about it.
What caught my attention is the core idea: staking Bitcoin natively, without wrapping it or bridging it anywhere. No synthetic BTC token standing in for the real thing. Your coins stay on the Bitcoin chain, and that alone removes a whole category of risk that most BTCfi projects never manage to avoid.
Looking at the numbers, Babylon's TVL has moved a lot this year, dropping to around $2.6B during a finality provider transition in April, then climbing back past $4B by May, with some reports putting it closer to $5.6B at peak. Market cap sits far lower, somewhere near $40-50M, and fully diluted valuation is closer to $140M, which is a wide gap worth sitting with rather than explaining away.
I'm still not completely sure what happens once token unlocks accelerate later this year. Sixty-plus percent of supply is held by insiders, and that's the kind of detail that doesn't show up in the TVL headline.
What I do think is real: the self-custody design is genuinely different, not just marketed that way. Whether that translates into lasting security demand, I don't know yet.
#baby @BabylonLabs_io $BABY $UAI