Was digging through Babylon's ($BABY ) governance docs for the #Babylon CreatorPad task, half expecting the usual "BTC secures everything" pitch. Then I hit the same page twice and — hold up — BTC stakers literally don't get a vote. Only BABY holders do. Sat with that longer than planned.
Timing made it land harder. Four days back @BabylonLabs_io announced the Aegis fixed-rate BTC borrowing tie-up, and 24h BABY volume spiked something like 57% off that news, price up near 4.5% even while still red about 5% on the week. Bitcoin pouring into the rails, fresh product surface every few days — none of it touches who actually gets a say in how the protocol runs. The BTC is collateral. The BABY holders are government.
Kind of assumed the two groups overlapped more than they actually do. They don't, not structurally. Unlock schedules keep feeding BABY to early investors and the team — the same pool that holds the vote — while BTC depositors just earn. No ballot, no seat at the table. Not saying that's wrong exactly, plenty of protocols split custody from control on purpose. Just wasn't the detail I expected to be the one still sitting with me after closing the tab.
Makes me wonder whether that gap narrows as more BSNs plug into Genesis, or whether it just widens along with the TVL.
#baby
Timing made it land harder. Four days back @BabylonLabs_io announced the Aegis fixed-rate BTC borrowing tie-up, and 24h BABY volume spiked something like 57% off that news, price up near 4.5% even while still red about 5% on the week. Bitcoin pouring into the rails, fresh product surface every few days — none of it touches who actually gets a say in how the protocol runs. The BTC is collateral. The BABY holders are government.
Kind of assumed the two groups overlapped more than they actually do. They don't, not structurally. Unlock schedules keep feeding BABY to early investors and the team — the same pool that holds the vote — while BTC depositors just earn. No ballot, no seat at the table. Not saying that's wrong exactly, plenty of protocols split custody from control on purpose. Just wasn't the detail I expected to be the one still sitting with me after closing the tab.
Makes me wonder whether that gap narrows as more BSNs plug into Genesis, or whether it just widens along with the TVL.
#baby
