Bitcoin Staking Protocol Babylon Announces Upcoming Launch of Babylon Genesis Mainnet
Bitcoin staking protocol Babylon has announced that its Babylon Genesis mainnet is set to launch, marking the second phase of the protocol’s activation. Babylon Genesis is the first “Bitcoin Secured Network” (BSN) of the protocol, which derives its cryptoeconomic security directly from the Bitcoin network through the Babylon staking protocol.
According to the official article, the goal of the Babylon protocol is to allow Bitcoin holders to provide security and liquidity for the Bitcoin Secured Network (BSN), and in return, they will have the opportunity to earn validation rewards generated by these networks. BSN is committed to integrating the Babylon protocol, encompassing both Layer 1 and Layer 2 networks, with Babylon Genesis being the first BSN. This L1 blockchain features advanced security functions and will serve as a control layer and liquidity hub for other BSNs, enabling them to integrate Bitcoin’s security and liquidity.
The launch of the Babylon protocol is divided into three phases. The first phase went live last August, aiming to guide the supply side of the Bitcoin security and liquidity market, with over 57,000 BTC already staked through the protocol. The second phase will launch the first BSN, namely Babylon Genesis; while the third phase will initiate other BSNs to complete the construction of the demand side.
The Babylon Foundation initiated the airdrop registration for its native token BABY in February this year, which has now closed. Eligible users will receive the airdrop when Babylon Genesis launches, although the exact Timing of the Token Generation Event (TGE) is yet to be announced by the officials.