Bitcoin Protocol Babylon Pulls in $1.5B of Staking Deposits as Cap Lifted
Summary
Babylon, a Bitcoin staking platform, attracted approximately $1.5 billion in Bitcoin after briefly opening for additional deposits. This indicates strong demand for decentralized finance (DeFi) on the Bitcoin blockchain, traditionally dominated by networks like Ethereum and Solana. As of 20:03 UTC, 18,601 BTC were staked, with 5,419 BTC pending. The cap was lifted for about 10 Bitcoin blocks, allowing up to 500 BTC per transaction. This "duration-based" staking differs from the initial August opening with a fixed 1,000 BTC cap. Babylon aims to enable proof-of-stake chains to leverage Bitcoin's capital reserves, expanding Bitcoin's utility.
