Babylon's team has announced the launch of its mainnet Bitcoin staking protocol called Genesis, marking the second stage in a three-part rollout.
Genesis to Enhance BTC Security
Babylon co-founder Fisher Yu acknowledged Bitcoin's status as a benchmark for security; however, this security has been limited to the Bitcoin network itself. Yu is confident that Genesis will change the narrative surrounding Bitcoin, evolving it from an underutilized asset into a significant component of the broader digital economy.
More Functionalities of Babylon’s Genesis
Genesis will act as a control plane for coordinating other networks interested in staking Bitcoin, while also serving as a hub that offers liquidity to decentralized applications (dApps). Stakers of BTC and BABY are expected to split the rewards from staking equally. Notably, the BABY token has been listed on crypto exchanges like Binance.
Understanding the Babylon Genesis Protocol
The Babylon protocol launched last August and has successfully accumulated over 57,000 BTC, worth more than $4 billion. Bitcoin constitutes more than 66% of the total crypto ecosystem, allowing BTC holders to earn yields on their assets, providing security and liquidity for Proof-of-Stake (PoS) networks. Babylon is supported by over 250 ‘finality providers’ responsible for validating transactions and maintaining network operations.
The launch of Babylon's Genesis protocol marks a significant step in the growth of Bitcoin staking and the expansion of blockchain platform functionalities, facilitating the integration of cryptocurrency into the digital economy.
