Bitcoin (BTC) Project Babylon has launched the Layer 1 blockchain “Genesis” to move to the next stage of building a staking protocol that already exceeds $4 billion in Total Value Lock (TVL).
Babylon allows BTC holders to earn returns on their assets. It is used to provide security and liquidity for the Sport-of-Stake network. Bitcoin is almost two-thirds of the total crypto ecosystem, with many of which sitting vaguely in the user’s wallet. Babylon aims to lead this into a broader crypto ecosystem.
Genesis acts as a staking network for BTC, using staking and timestamps to leverage Bitcoin security, acting as a control plane, aligning other networks that may bet on Bitcoin and hubs, providing liquidity for decentralized applications.
Between Genesis’ Native Token, BTC stakers and Baby of Baby stakers, the reward for staking is split between 50-50.
Staking is the process of crypto users who provide tokens to their networks to fund their continued operations in return for ongoing operations, similar to earning interest from a bank’s savings account. Staking is fundamental to most blockchains, but it is hardly present in the bitcoin that Babylon is trying to deal with.
The release of Genesis represents the second stage of Babylonian roadmap. Babylon’s roadmap was to build BTC Kitty as the basis for its staking protocol. Since its launch last August, more than 57,000 BTC ($4.6 billion) have been wagered on Babylon.
This protocol is also supported by over 250 “final providers” who authorize transactions to maintain network operation. These include Galaxy, Figment and P2P, according to an emailed announcement Thursday.
