The Babylon staking protocol has completed its second phase of gathering deposits, boosting the total investments to 24,000 BTC.

Second Staking Round on Babylon

The Babylon platform allowed users to deposit staking funds over 10 Bitcoin blocks. The second round increased total deposits to 24,000 BTC, a significant rise compared to the previous round.

Circumstances and Results

Between 20:03 UTC and 21:26 UTC, a cap lift allowed participants to pledge approximately $1.5 billion in Bitcoin. While the maximum amount per transaction was limited to 500 BTC, many transactions could happen within each block.

Mission and Prospects

Babylon's mission is to connect proof-of-stake chains with Bitcoin's large capital reserves, increasing the network's utility. This initiative aims to expand Bitcoin's usage, which has been limited compared to networks like Ethereum and Solana.

The successful second staking phase on Babylon highlights interest in decentralized finance applications on the world's oldest blockchain platform.