The Bitcoin (BTC) project is launched by Babylon drawn more than $ 4 billion to total amount locked (TVL).
Babylon allows BTC holders to earn produce on their properties, which are used to provide security and liquidity for proof-of-stake networks. Bitcoin is about 2/3th of the total crypto ecosystem with most of them sitting silently in users’ purses. Babylon aims to bacnnel it into a broader crypto ecosystem.
Genesis will serve as a BTC staking network, using staking and timestamping to use Bitcoin security as well as acting as a control plane to organize other networks that can stand in Bitcoin and a hub to provide liquidity in decentralized applications.
Rewards for staking will split 50-50 between BTC stakers and stakers of BabyToken of native Genesis.
Staking is the process of crypto users who offer their tokens to a network to supply its ongoing operation in exchange for harvesting, similar to getting an interest from a savings account with a bank. Staking is primarily in most blockchains, but it is mainly out of bitcoin, which Babylon is trying to meet.
The launch of Genesis represents the second stage of Babylon’s roadmap, where the first one builds a BTC kitty as a foundation for its staking protocol. More than 57,000 BTC ($ 4.6 Billion) have been stabbed to Babylon Ever since it began in August of last year.
The protocol is also supported by more than 250 “finality provider”, which approves transactions to maintain network operation. This includes Galaxy, Figment and P2P, according to an email announcement on Thursday.
